Remortgage vs Debt consolidation after renovation

DonFog
DonFog Posts: 27 Forumite
Name Dropper First Post First Anniversary
edited 23 February at 12:36AM in Debt-free wannabe
Hello, I have been advised to post an SOA here via the mortgage section of the forum.

We are trying to consolidate all debts incurred due to a house renovation but hitting barriers for debt consolidation via lenders like HSBC [£50k additional borrowing max] and affordability is an issue due to use having these unsecured debts.

We have been offered a debt consolidation loan which would help us control cashflow and our plan would be to clear this when we remortgage in October.

Here it is. Thank you for any advice in advance. I am also planning to talk to a broker to see if other lenders offer more options on consolidation and affordability.

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 5600
Partners monthly income after tax....... 2900
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 8500[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 2014
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 203
Electricity............................. 115
Gas..................................... 115
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 13
Satellite/Cable TV...................... 90
Internet Services....................... 55
Groceries etc. ......................... 450
Clothing................................ 100
Petrol/diesel........................... 70
Road tax................................ 14
Car Insurance........................... 70
Car maintenance (including MOT)......... 5
Car parking............................. 10
Other travel............................ 400
Childcare/nursery....................... 1350
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 45
Contents insurance...................... 0
Life assurance ......................... 73
Other insurance......................... 0
Presents (birthday, christmas etc)...... 167
Haircuts................................ 133
Entertainment........................... 167
Holiday................................. 500
Emergency fund.......................... 0
Cleaner................................. 140[b]
Total monthly expenses.................. 6646[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 735000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0[b]
Total Assets............................ 743000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 498800...(2014).....3[b]
Total secured & HP debts...... 498800....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Tesco Loan.....................25961.....365.......5.75
Monzo Loan.....................18183.....350.......15.4
AMEX...........................5858......300.......35.2
Overdraft......................2000......0.........0
MBNA Credit Card...............5954......158.......0
MBNA Credit Card...............7810......200.......0
Lloyds Credit Card.............14997.....375.......0
HSBC Credit Card...............7739......200.......0
Paypal Credit Card.............2421......60........0
Virgin Credit Card.............2973......30........24.1
JohnLewis Credit Card..........2368......100.......25.9[b]
Total unsecured debts..........96264.....2138......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 8,500
Expenses (including HP & secured debts). 6,646
Available for debt repayments........... 1,854
Monthly UNsecured debt repayments....... 2,138[b]
Amount short for making debt repayments. -284[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 743,000
Total HP & Secured debt................. -498,800
Total Unsecured debt.................... -96,264[b]
Net Assets.............................. 147,936[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font] 

Comments

  • Floss
    Floss Posts: 8,240 Forumite
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    Duplicated post - please close
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