Can I remortgage to pay debt

elsien

If your circumstances have reduced, but your expenditure remains higher then the debt is going to carry on creeping up.
So you end up with a higher mortgage and then putting more spending on credit cards and carrying on increasing the debt.
Which is why people are suggesting putting up your SOA. You need to spend within the means of your changed circumstances, and it’s not clear whether at the moment you are doing that. 

You say it is your debt/loans, but not what they were taken out for. If it was for household/family then potentially your husband needs to be part of the bigger picture as well, depending on how your family finances work.

Emmia

Klouise77 said:

QrizB said:

Everyone here will tell you not to turn unsecured debt into secured debt. At the moment, if you or your husband lose your jobs or fall ill or whatever, your unsecured creditors will have no claim on your home. Adding it to your mortgage will change all that.

Where did the debt come from and why does it keep growing when you say you can make the payments?

Have you ever completed a Statement of Affairs? It'll help you (and us) work out where all the money goes.

https://lemonfool.co.uk/financecalculators/soa.php

Thing is I mentioned the life changing personal circumstances which mean I had to halve my work hours and ultimately income. Its a huge impact and absolutely no control or way of changing

What if these circumstances worsen, and you can no longer work,  or work your current hours.... And so can no longer afford your (larger?) mortgage repayment? 

If you really want to use equity in your house to pay off your debts (not that I'd recommend this) you'd probably be better selling.and buying something smaller to release equity that way.

However it sounds like your income doesn't meet your living costs as your debt is creeping up. When your reduced your hours, you should also have revised how you spend your money - unfortunately at this point you probably need to consider fundamental lifestyle changes.

A SOA can be a good way to start finding money by identifying areas of overspending, and then looking at defaults /DMPs rather than taking unsecured debt and securing it on your major asset.

If you pop up an SOA you'll get lots of help and support.

sourcrates

OP you are making the mistake of believing this non priority debt is important, when it isn`t, its non essential debt which if things get tight financially, just doesn't get paid, its that simple.

You have to look at worst case scenarios for the type of debt you have, all unsecured, non essential debts, that`s loans/cards etc, the worst a creditor can do is obtain a CCJ against you.

If you secure this debt by way of a new mortgage deal, you are risking your home should circumstances change dramatically, your mortgage payments should be kept at the minimum possible, your unsecured debt can be paid via a debt management plan with no extra risk to your home.

powerspowers

My parents remortgaged to cover dads debt. Circumstances changed and mum is now facing renting into retirement which she can’t afford. Do not swap non-priority debt for priority debt, don’t risk your home even if it seems like an easy solution. 

The posters here are really knowledgeable and can help you find a way out. 

in_need_of_direction

I remortgaged twice to clear debts and both times ran the debts up again.  I literally only changed my approach when I started tackling one debt at a time.  Although the monthly amounts were tiny, they eventually added up. By the time I drew a line, I was a single parent of 2 teenagers with sole responsibility for a mortgage 5 times my salary but being petrified of my children losing their home was what forced me into it.  Have you anything you could sell? Every £10 additional income gives you a penny or two less to pay in interest.

i note that circumstances forced you into reduced hours. Could you maybe investigate if any benefits appropriate to your circumstances are payable?