Remortgage to pay debt

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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    If you are talking about adding £23k to your proposed mortgage that takes it up to £200k. If the property is £218 you will not even be paying a 10% deposit so your LTV will be higher than 90% and therefore a higher interest rate. Also converting unsecured debt to secured is not sensible and putting it on your mortgage means it will take much longer to repay. Very bad advice.
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