Mortgages & Secured Loans

pennylewren

Hi, I'm new to the site & was wondering if anyone could give advice on the following:

We have a repayment mortgage (57k) with approx £4k penalities as we have 4 yrs left on the fixed rate. We pay £403 pm

We took out a secured loan (which in hindsight was such the wrong thing to do >:( ) for £47k over 20yrs- inc the front loaded interest & would be about £48k to redeem. Its a crippling £516 a month (variable rate) & just keeps going up & up...

Our house is valued at £140k. Dh earns £20k a year, I look after the kids so get approx £3k year total for WFTC & CHB.

Does anyone know if remortaging & combining the 2 is feasible? I can swallow the penalities if our monthly repayments were lower. At the mo, its crippling. I'm so cross with ourselves for getting into this - I mean I could have a fantastic house for a £900 pm mortgage!

Any Advice is much appreciated

Robert_Sterling_3

Can you tell me what the APR is on the loan.
I think it should tell you on the form you signed
If you do not want the figure displayed publicly send me a private message.

To do that you need to left click on the Robert Shilling which appears in BLUE in the top left hand corner of the message.

pennylewren

Hi,

When we took it out (about 9 months ago) it was 11.9%. Its gone up 3 times now - along with Bank of England rates.