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Topic starter
25/05/2010 1:53 pm
Hi,
I am hoping that someone can advise me as to my best option.
I have personal loans and CC amounting to around ?ú30K. They are all up-to-date, I have no defaults, CCJ or bad credit history -( apart from being over exposed debt wise). I am currently in year 3.5 of a 5 year mortgage. I owe around 105K with my house being estimated over the phone by a surveyor at around ?ú145K - ?ú150K - although I was told that banks are now being very conservative, so possibly ?ú140K. The redemption on the mortgage is about ?ú3K.
Recently my wife was made redundant, although, its looking like she has managed to get a part time job. However, my problem is my credit cards - (?ú19K). The interest being charged is crippling me - 16%...28%. It seems to have doubled maybe trebled over the years.
After I pay everything, I am left with ?ú100 per month. I was told that remortgages and secure loans would only be offered on a 80% LVT.
I want to try and spread this debt over a long time so that the payments are greatly reduced.
I don't know what to do, I am trying to save my credit history so I can get future mortgages etc....
Any advice given will be greatly appreciated.
IM
25/05/2010 4:28 pm
Hello Stress_Out,
My understanding is that you live in a home worth around ?ú145k which has a ?ú105k mortgage.
You have a five year mortgage deal which will come to an end in around a year and a half.
Redemption penalties apply if you were to remortgage now.
I think there are probably mortgages available with a loan to value in excess of 80%. This might open up one opportunity to consolidate debt albeit that there would be a redemption penalty.
A secured loan might be another option to raise funds to repay debt and avoid a redemption penalty.
It would be best to approach a mortgage broker to look into all of this for you.
Hopefully Graeme Leckie, a mortgage broker who posts here from time to time, might be able to add his thoughts.
If your credit history is of primary importance to you at the moment this might be a good route to investigate rather than the types of debt solution that are often discussed in this forum. They are appropriate for many people but do have a negative effect on credit history.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
28/05/2010 9:23 am
Hi, we can definelty help here. We can now raise up to 85% on re-mortgages at high street rates with other incentives such as free legal and free valuations.
