We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
increasing mortgage a bad idea?
Options
Herringbone
Posts: 29 Forumite
removed, thanks for advice
0
Comments
-
Never change unsecured debt to securedm if you get stuck in paying your mortgage your risking losing your house. Plus you will paying even more interest over the period too.
Post a statement of affairs on here and we can advise you where we can help.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0 -
Thanks Sncjw, what do you need apart from what I posted above?0
-
Start here SOA CALCULATOR (for DFW newbies): SOA Calculator
Get together the last 6 months' statements and allocate all the spends, list debts, APRs, end dates for loans and any 0% deals.
If you haven't spent on an item (emergency fund or contents insurance seem to be most common), make a note of the projected cost.
If you've have not made a mistake, you've made nothing1 -
Thanks, that's a really great tool0
-
It'll be interesting to see your SOA.
I suspect, without seeing it, that your CC interest rates may be what's making this so difficult. So the APRs on those will be good to see. If you're paying 20-odd% interest and only able to make minimum repayments every month, then those will hang over you for decades.
If you already have got (or may be able to get) much of those onto 0% deals then a way forward would be a bit simpler. But that's just speculation before seeing the SOA0 -
removed, thanks for advice
0 -
removed, thanks for advice0
-
What's the other child costs and I think 350 is alot for groceries for one person.
How come TV licence is low.
Also gas and electric look high for one person..Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0 -
Without looking into what your expenditures are in detail I would like to comment on the move from unsecured to secured debt.
To do this you will need to prove that you can afford the higher mortgage as well as the current credit card/loan debts.
So mortgage of £87k plus adding the unsecured to that of £43.5k - = £130.5k. And then add on the unsecured of £43.5k again as the bank will have no idea if you will actually use the extra money to pay those off.
So you need to prove you can afford to pay back £174k. Do you think they will agree to that?
If they did would it significantly change the interest you are being charged? What fees are involved??
Also you need to look at how you ended up with so much debt as well. What caused that and what have you done to stop it reoccurring?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇1 -
removed, thanks for advice0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards