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Mortgage renewal and equity
jcowap
Posts: 18 Forumite
Hello. My Santander mortgage is up next year. I really want to pull some of the equity from my home and pay off some debt. Nothing drastic maybe about £5,000. Is the renewal point an opportunity to do this ? Current equity is at least 50k. Thanks
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Comments
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You may be able to do it now. But its not a bad idea to do it at the same time as your renewal so that both products have the same end date.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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It's not paying it off though, is it?
Just moving it to a more dangerous place.
You could post on debt-free wannabe for some better ideas2 -
5k and how much more interest as would go over the termDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.1
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Could you not save some money and pay it off before renewal date..get yourself on debt free wannabe pageMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.0 -
Switching unsecured debt to debt secured on your home is never a good idea.
If your debts are only around £5k then you would be better off paying them off without adding anything to your mortgage. You will pay far more interest in the long run with the debt secured against your home.
The debt free board will be able to help you with suggestions to getting the debt repaid.0
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