Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

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

    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
    • 3,221 Posts
    • 1,821 Thanks
    foxy-stoat
    • #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
    • 670 Posts
    • 681 Thanks
    sal_III
    • #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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,975Posts Today

7,246Users online

Martin's Twitter