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    • gemma317
    • By gemma317 6th Aug 18, 2:51 PM
    • 1Posts
    • 0Thanks
    Remortgaging with credit card debt
    • #1
    • 6th Aug 18, 2:51 PM
    Remortgaging with credit card debt 6th Aug 18 at 2:51 PM

    I'm nearing the end of my fixed term deal with my mortgage (joint mortgage with a partner who I have since split with). I will have to buy him out at a cost of around 10k and I have just under 10k credit card debt and am wondering whether I'm best to add the cost of this debt to my mortgage or get a low interest loan to consolidate all of the debt separate from the mortgage? I have a family member willing to be a joint applicant on both the remortgage and the loan in order to get the best deal (based on the strength of a second salary). All help appreciated and thanks in advance.
Page 1
    • foxy-stoat
    • By foxy-stoat 6th Aug 18, 3:25 PM
    • 3,540 Posts
    • 1,997 Thanks
    • #2
    • 6th Aug 18, 3:25 PM
    • #2
    • 6th Aug 18, 3:25 PM
    Has the lender agreed that you can take on the mortgage on your own + 10K you need to buy out your ex?

    I would leave the other debt where it is, maybe get a balance transfer card if the interest is in double figures.
    Last edited by foxy-stoat; 06-08-2018 at 3:32 PM.
    • sal_III
    • By sal_III 6th Aug 18, 3:49 PM
    • 780 Posts
    • 782 Thanks
    • #3
    • 6th Aug 18, 3:49 PM
    • #3
    • 6th Aug 18, 3:49 PM
    You know that you will have to transfer equity and put the family member on the deeds in order for him to join the mortgage right? Unless you are using one of the few Lenders (or is it only HSBC) that accept people on the mortgage that are not on the deed.

    How much equity do you have and how much is the current mortgage balance? If you need 10k to buyout your ex, it's likely you have 20k equity, which is somewhat low, unless it's cheap property.
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