Remortgaging to pay off debt

Strawberry_3

Im knew here so please be gentle with me

We have a small mortgage of £30,000 value of our property is roughly £130,000 (maybe a bit more).
Im a student nurse and my husband works, I will qualify in 3 years, so dont expect any wages until then (although I do recieve a bursary).
Our redemption penalty is up and we want to change our mortgage, as it is now uncompetative.
We also want to increase it, to cover some of the debt we have incurred (finances will obviously be a bit healthier when I qualify), Im curently paying off a £5000 loan (4 years left on that one cringe) and Ive got about £4000 of credit card debt (bigger cringe).
Will I be doing myself any favours if I add this onto a mortgage?????
Not sure what to do????

vale_2

Hi
The only favour you will get is reduced payments on your outgoings but will end up paying more in the long term because you will have increased the term of the loans you add.
IMO you should find the cheapest mortgage deal you can and also try and refinance the loan and card into one at a cheaper rate.
Needs must thou'

kazd

If you have been making regular payments to these loans then there shouldn't be a problem applying for a 0% card. You just have to be on the ball and reapply six weeks before 0% is up and move it to another card.

Systemaddict_2

Please remember that your personal loan and credit card balance are UNSECURED. If you clear them, you will turn them into SECURED loan (added to your mortgage). Also, your personal loan may have a penalty clause- check your agreement very carefully.

If you are managing to pay all your bills and loans- then my advice to you is keep doing it until they are repaid. As suggested above, try switching your credit card balance to a lower % rate card / 0% etc every 6- 9 months. Some credit card offer low rate for the life of the balance. See Credit card section on this forum.

MarkyMarkD

On a £30k loan, the costs of remortgaging will be fairly disproportionate. Make sure that you investigate what alternative deals are available from your existing lender before jumping to remortgage.