First time of remortgaging

cam101

Thank you- I’ve now made contact with a mortgage broker I have access to through my work union. I suppose trying to just get one loan absorbed would counteract the increase in payments, and I could reduce the 0% payments and seek a new deal when that one ends rather than aim to clear it, food for thought

Altior

Not encouraging you to stooze, but I'm a seasoned stoozer so well seasoned in cc deals etc. What a stoozer wants is for the balance to persist as long as possible, it's pretty easy to port around the deals for new cards and existing ones in the current climate, assuming a decent credit report. I always recommend having a contingency plan, and a method available to clear the balance(s) down in case that's needed (eg another credit crisis and deals suddenly drying up).

I'd at least consider shifting the loans to 0% debt too. The way to achieve that is using money transfer deals initially, then you can migrate to balance transfer deals if/when the need arises. Many cards are only 1% monthly minimum payments, so that could satisfy your cash flow objective too. 

Hoenir

cam101 said:

amnblog said:

We do not know why your current lender will not consolidate your debt for you. There could be specific reasons, for example, if you have a Help to Buy Equity loan, or if affordability does not add up. The only advantage to consolidating your debt is if you pay the extra off in the short term. If the extra goes on your mortgage and is paid off over a decade or more it will cost you too much in interest.

For sensible advice, speak to an independent mortgage broker.

Thanks for your reply- the lender don’t do debt consolidation full stop, it was before I’d even given all my details that he said this like
 it’s just their policy. I was surprised and wondered if this was common as I thought I’d read plenty of people doing it.

Consolidating debt into a long term mortgage far too often provides the solution but not the answer. After a few years have passed. Many people find themselves in exactly the same situation again. That's statistical fact. Hence why policy may well be an outright no. Lenders would much prefer to advance the money to a new mortgage applicant.