A bit of financial advice please!!

ChrisJG_2

Hi

Im after a bit of advice please.

10 months ago, me and my wife bought our first home.
She inherited some money, at the time we had a little bit of Credit card debt so we paid that off, and put the rest down as a deposit on a house.
The house was 240k and we put down 130k and mortgage for 110k on a 2 year fixed deal, we are 10 months into this.

10 months on, we find ourselve in a difficult position, we had not really budgeted for spending on the house.
Since moving in, we have had new carpets throughout, painted and decorated throughout, some new furniture etc.
To do this we funded it via the dreaded credit cards

My 2 year deal runs out next august, and the plan was to pay as much as we can off between now and then, and then try and release some of the money in the house and wipe the slate clean.
We also have a car on finance, which we probably would have been better off buying outright at the time, and putting down a smaller deposit, ie about 105k rather than 130k.

The advice im after, is, is there a way to realease some money now rather than at the end of the 2 year deal, what sort of penaltys am i likely to expect by coming out of the deal early.
The other option would be a home owner loan, im looking to release 25k to pay off the car finance and clear the cards.
Both me and my wife have no late payments on our credit files, mortgage up to date and no lates, and hers is spotless.
Mine on the other hand, has no debt other than the mortgage, and no current defaults.
However, i made myself bankrupt 4 years ago, all entries on the files were updated before the mortgage was done, so they are all satisfied, however, the bankuptcy will remain for another 2 years until it drops off.

Any advice would be appreciated, whether to try and pull out of the deal im in now, or go down the home owner loan route.
and given the current press hype regarding credit problems etc am i likely to get penalised heavily becasue of the bankruptcy.
It wasnt a problem at the time we took the mortgage, and the house then was 240k and judging by the prices of other in the same road, and the fact we have spent alot of money updating and new carpets etc throughout, i dont think it has lost any value, at the most a couple of thousand.

lisabell

Hi not really sure that i can help but will give you a bump up so that someone can give you some advice.
Lisa

LilacPixie

Well in answer to your origianal question the amount of penelties all depends on your own particular mortgage and lender. You will need to look at your mortgage documentation or give them a call for a firm answer.

CAll me a busy body if you want but why don't you post a SOA listing all income and outgoings and let the members here help you make some savings so you don't have to down either the remortgageing or secured loan route.