Changing to being morgage free....

Applecider_2

After trying to get rid of all my debt which I managed to get rid of around £6000 from everyones help n tips n challenges (THANK YOU!!!) I finally decided to put it on my morgage plus have the morgage on my own. Good move?? Im not sure but its a hell of lot cheaper and leaves me with some money to actually live on!!! hah. Also living back with my mum and letting my house out so I can save to do some travelling. Im not sure if Ive done the right thing putting all the debt on there, but am going to make sure that not spending on credit cards anymore cancelled most of them!!! :T

kel123_2

Whats good for the goose is not always good for the gander. If this is right for you then good luck and well done. One last tip if I may cancel all the credit cards and live on what you've got and within your means.

i'll be around here for quite a few years so don't take this wrong

I don't want to see you back on here

Kel

kizzykizzywizzy

Hi there, just don't become complacent because things seem easy again & spend on the cards, I put money on my mortgage & ran them up again.
Get rid of the darned cards & free yourself from the shackles of the credit card companies who can break you by hiking up the APR at the blink of an eye.
As soon as I'm clear they will not see me for dust......:T

Good Luck:j

Applecider_2

Ive cut up all cards, Ive got one which Im going to keep for emergencies and only have A £300 LIMIT on it. all catalogues have gone!!

bank_of_slate

Hi Dezzi, can you now start overpaying the mortgage?
...Linda xx

Applecider_2

well not at the moment because it was diffcult enought to actually get the morgage on my own but managed to get a buy to let morgage with a company called morgage express, not heard of them before. im on interest only at the mo but when Im better off I want to find out if I can change to repayment. at least im not losing any money?????

Lodge

dezzi_83 wrote: »

After trying to get rid of all my debt which I managed to get rid of around £6000 from everyones help n tips n challenges (THANK YOU!!!) I finally decided to put it on my morgage plus have the morgage on my own. Good move?? Im not sure but its a hell of lot cheaper and leaves me with some money to actually live on!!! hah. Also living back with my mum and letting my house out so I can save to do some travelling. Im not sure if Ive done the right thing putting all the debt on there, but am going to make sure that not spending on credit cards anymore cancelled most of them!!! :T

Hi there!!

I'm thinking of putting a large loan balance (28K!!) onto my mortgage because I feel it's the best way to reduce my monthly outgoings and give me my life back!!

Like you I know I won't run the debts up again (been there, done that!!)

Did you find it easy to add to your mortgage? What was your credit rating like?

D.

seven-day-weekend

Whilst not normally recommending this route as it is turning unsecured debt into secured debt, it can work if it frees up some money for someone to live on AND they have had their lightbulb moment and know they won't do it again.

We consolidated around £25,000 worth of loan and credit card debt onto the mortgage of an investment property in 2004, then sold the property in 2005. Debt and mortgage gone at a stroke!

To the OP, do overpay on your mortgage as soon as you are able.

Applecider_2

My credit rating was hmmmmmm..... not brill shall we say when i got the report sent to me from credit expert I had a few 3's on it. but this company morgage express seemed to consider each applicant seperatly. which is better than some which let a computer decide for them. they could see that i could easily afford the new morgage and gave it to me. I got a local morgage broker to find this deal for me. she doesnt charge me but the charges the companies that she deals with so she didnt cost me a penny (like quidco shes cheaper than advertisments) but because my credit report wasnt top some companies jus plain sed no!! 28k is quite a lot of debt to be paying off every month, maybe u should work out a plan of putting most of it on ur morgage and then some of it to be cleared within a year. If u put everything on ur morgage it makes u think that u can spend all over again which isnt the case cause u still have the debt. But it definatley gives u ur life back in terms of having money any month. If u want the number of my morgage broker lemme kno she was brill! anyone heard of morgage express btw?

thriftymomma

I'd love for you to pm me your mortgage advisers details dezzi if you wouldn't mind! Thanks in advance.

aarhus_2

dezzi_83 wrote: »

anyone heard of morgage express btw?

They are part of Bradford and Bingley - have been with them since 2004 - no problems so far.