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Mortgauge Debt Advice
MooseMan
Posts: 5 Forumite
Hi, Newby here after some advice on what is best to do. I have just inherited a house worth 170K but I have some debt I want to clear about 15K from being stupid with buying sports cars doh! what is best to do as I am considering a mortgauge on the house or a loan. And want to be mortgauge/debt free as soon as possible. The only problem is I have just gone self employed and have only been trading for 6 months and this seems to cause a bit of a problem. Any help would be good cheers 
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Comments
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How do you owe the £15k?The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...0
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6.5K In One loan 1.5K On Another loan and the rest across 5 Credit Cards0
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Have you spoken to your bank about a secured loan?0
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Only issue with a secured loan is that i you default the house is at risk of being sold. Even though a unsecured loan has higher rates it might be the safest thing to do in the short term especially as being self employed can lead to erratic income.
If you have a good credit rating then consider balance swapping some of the credit cards onto 0% deals to knock them down faster. Also see if you can combine the two loans and some credit card debt into one unsecured loan with no penalty for early repayment.
If you are living in the house then get a lodger to help pay the bills If you can get a part time salaried job as it then helps as you can at least say you have a minimum steady income as well as an unsteady one. Plus work colleagues can be considered a potential source of business.... 0
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