want an advance some advice please.

wizzard1974

Hi need some advice please. I have a mortgage with Halifax got 2 years left on a fixed rate at 5.39%, owe 108000, want an advance for 11000, to pay off a loan and to use rest to hopefully take my daughter to disney world. Mortgage term left at moment is 22years, how does advance work, is it best to get advance with Halifax on a 2 year fixed then in 2 years remortgage the whole lot and look for again a decent deal. I pay 700 at moment how much will i look at paying on an extra 11000, how much in 2 years will i have a balance of to remorgage in 2 years, house is worth 176000. any advice would be much appreciated.

poppy10_2

wizzard1974 wrote: »

any advice would be much appreciated.

Somebody with thousands of pounds worth of debt should not be spending two grand on a trip to disneyworld.

Kez100

My advice. Pay your mortgage, pay your bills, pay your loan each month and then save whats left. Once you have £2k in the bank start to think about your holiday, not before. Continue saving - because the flight and hotel cost really is just the start of spending on a DW holiday!

You need to remortgage sometime and the way house prices are going, it won't be worth anything like 176k when you come to need a mortgage revaluation in two years time. You need to keep the mortgage level as low as possible to give yourself the lowest LTV you can for when you shop for remortgages.

A home is for life not just for Christmas.