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    • TCJW_designs
    • By TCJW_designs 4th Jul 18, 9:28 PM
    • 1Posts
    • 1Thanks
    Remortgage plus a bit more?
    • #1
    • 4th Jul 18, 9:28 PM
    Remortgage plus a bit more? 4th Jul 18 at 9:28 PM
    Hi all, long time lurker, first time poster

    TL;DR can I have my cake and eat it - remortgaging, consolidating and extra capital for renovations all in one?

    6 years ago my father died, and I inherited an amount of money which I put towards a house. I have a small mortgage which has just ended its 5 year initial period, and I now owe around 43k, on a house worth just over 200k. My payments are 240ish a month.

    I also have 13k in credit card and loan debt, which I'm (more or less) happily paying off every month. It doesn't usually affect my lifestyle in any way.

    My house is in some pretty desperate need of a new bathroom and the front driveway isn't being used to its full potential (it can just fit in 2 cars, but at a squeeze. It could easily fit 2, or maybe 3 cars if it was done properly)

    My question is, is it possible to remortgage my house, consolidate the other debt AND get a bit extra for doing work that will undoubtedly add value to the house - all in one pass?

    I know that consolidating debt under a mortgage can be more expensive in the long term, but I'm young(ish) and if I just have 1 payment rather than 5, it would make it so much easier to save.

    I'm trying to find an advisor who can take me through this in simple terms, but if any of you have any thoughts I'd love to hear them!!

    Thanks all!
Page 1
    • Thrugelmir
    • By Thrugelmir 4th Jul 18, 10:36 PM
    • 62,015 Posts
    • 55,209 Thanks
    • #2
    • 4th Jul 18, 10:36 PM
    • #2
    • 4th Jul 18, 10:36 PM
    Much depends on your personal circumstances. With such a low mortgage outgoing. Lenders may question your inability to manage your finances properly. Which may influence the rates on offer to you.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • foxy-stoat
    • By foxy-stoat 5th Jul 18, 9:01 AM
    • 3,540 Posts
    • 1,997 Thanks
    • #3
    • 5th Jul 18, 9:01 AM
    • #3
    • 5th Jul 18, 9:01 AM
    I would ask how the 13K was spent and what rate of interest are you currently paying.

    If you are paying more than 3 or 4% then put it on a low interest or 0% interest and try and clear it in 3 or 4 years - if its one 0% then leave it where it is.

    By all means take out some equity and spend the money on renovating your house rather than saving up if you want to but leave the debts separate.
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