Additional borrowing £10k

col81

Hi i have a mortgage with Virgin at 2.9% and a personal loan that i owe £10k on. I am soon to be struggling with my finances as i have had a downturn at work. Before this happens i am wondering about possibly taking more on the mortgage the property is worth £210k and i owe £123k. I pay £235 per month on my loan and have 4 years left to go. On the virgin website it says contact them for additional borrowing how does this work? if i could get rid of the £235 and it cost me £100 or so on the mortgage that would help. My fixed rate ends in 3 1/2 years. Any advice on this would be great 

Caz3121

do you know what rate the additional borrowing would be compared to the loan rate? how long are you wanting to pay the additional borrowing over? Turning unsecured borrowing to secured can be risky

housebuyer143

If you are soon to be struggling you probably won't be approved for additional borrowing. Approach them and see but I wouldn't mention that you are having money problems in the same sentence

fatbelly

If you're struggling to make ends meet, taking out further borrowing may not be a great idea.

Try asking on debt-free wannabe