smac1
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You can usually add debts on to your mortgage and increasing the length of time it takes to pay back could keep it the same amount monthly. BUT this will depend on whether your end of mortgage time and your retirement age aren't after each other (so it will be paid off before you are 65). They will charge you also for a revaluation of your house to make sure you have enough equity in it to cover the £6000. It is a cost effective way of borrowing. |
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Tony Hi_teck
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Yes you can but remember you will pay interest on any money you loan so be care full as you will pay the bank more in the end they are not your friend. Can you not afford to pay some back or get a better job income or reduce your outgoings to free up some money or go without and what was the rush if you have only had house for 2 years? It does take years to do up a house into a home but fare play if you have gone for it. Good luck Thur's |
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ribena
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If the value of your home has increased by at least £6000 since taking the mortgage out, then you can remortgage. Usually this won't change the length of repayment of a mortgage, but the monthly payment will go up. If you are struggling at the moment, you might want to consider transferring onto interest only mortgage temporarily until you get sorted. They will however want to see that you have a repayment vehicle to pay off the mortgage at the end of the term, such as ISA. When you are in a better position, you can change back to repayment. Be flexible. |
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taketwo
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yes it is possible it will depend on the present value of the house. |
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bidia
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i think u are. try to pay as soon as possible, even 50 pounds extra a month counts. |
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Storm Rider
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You can do this but take advice about whethr it is th best thing to do in your circumstances.
the bank will be interested in the security of their loan - is the house worth the amount owing on it and can you pay back what you owe.
Could you get a zero percent credit card for your debt? You can become a card tart and swap from one card to another until you pay the loan back. |
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Ollie
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Hi,if you can afford it go for a personal loan has it can cost a fortune in interest having it added to morgage.If you can afford
a loan go to northern rock there interest is the cheapest & its fixed so no worries if rates go up, also its not secured on your property. |
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JEAN M
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It all depends how much equity is in your property. If you put all these points to your mortgage advisor they will be able to answer these for you. Ask them to do a full mortgage review and they should come back to you with the best solution available to you. If the mortgage advisor is tied to one lender they will only be able to advise the best solution their company can offer.
I am a qualified mortgage advisor and would never answer this type of question without doing a full fact find and getting a lot more information about your situation.
Jean. |
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Snagelfritz
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In America it can work many ways. Much as you said in all your questions. BUT, with only 2 years into the game, you have been paying more in interest than principle. You will need to find out what you actually owe, may need a new appraisal to see what the house worth in today's market and then discuss extending or refinancing. Hope this helps. |
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MR R SOLE
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Sorry, never been at that position myself. The mortgage advisor is the one who know if you can afford it or not. If he says no then perhaps you need to think about cutting costs else where or getting a second job. |
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XenonAudio
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Try searching the internet for what you're looking for. A lot of the time, you will find your answer this way... |
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Franco
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It is a pity you did not give any figures, as I could have done the calculations for you.
Yes, it is an excellent idea to increase your mortgage and pay off the other loans, because mortgages have the lowest interest rates.
Also, you can keep the mortgage repayments the same by extending the term (years) of the mortgage, but do not over do it because the total will be higher in the end.
The only disadvantage of increasing your mortgage is that if you ever cannot keep up the repayments, your house will be at risk. |
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ceprn
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In the US, you can get an equity second mortgage up to the new appraised value of the house (minus the existing mortgage). I do not know what the rules are in places where they use pounds... |
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kl
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I was wondering a similar thing - we have $312000 mortgage, $8500 on a credit card and our house is worth approx. $350000. Should we go onto interest-only payments, paying the minimum amount, and use the extra to pay off our credit card OR should we add the $8500 to our mortgage and increase the mortgage payments? We cannot continue as we are going as we are only paying the minimum off the credit card each month and getting nowhere. Help please! |
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