Add to remortgage or os there another way?

JimN

Hi, I'm looking at remortgaging, and was going to add various unsecured debts to this.

My debts are:

Current Mortgage- £169k
Years outstanding- 22
Property value- £415k (accurate)

Debts
Credit cards- £8k
Overdraft- £3k
Loan- £7k

Earnings-
£45k (single income household at moment, as my wife at home looking after baby)
Credit status is very good.

With my outgoings I have little disposable income at the moment, hence It would appear easier to add the debts to the mortgage. However, is there another way that I could look at paying the unsecured debts off?

Any help is appreciated.

saffronflowers

Hi there and welcome

If you could fill in a full SOA - look at the sticky at the top

http://forums.moneysavingexpert.com/showthread.html?t=107280

and post up a full income and expenditure, everyone will help you trim down your outgoings and get those nasty usecured debts away.

SFx

natlie

Hi
is there no way you can just pay off more each month? have you reduced your bills, insurance etc to lowest possible? It is going to cost you a lot to repay that on your mortgage, are much better off payign it straight off, your family income is high even though your wife isn't working.

stapeley

How old are the debts ?

RAS

Hi

Before you consolidate.

1. It is rarely a good thing - and often the first step on a slippery slope.
2. Put the details of your current debts into the snowball at www.whatsthecost.com and then see how much more interest you will have to pay if you put the debts on a mortgage over 22 years.

IWantToBeFree_2

You'd be daft to turn unsecured debts into secured debts. Miss payments on your CC and you ruin your credit file, miss payments on mortgage & you could lose your house. No brainer really.