Help next to remortgage?
i own my own house and every month i also pay a debt consultancy agency money that i owe to creditors but i wish to use equity within my property to pay my off debt, how do i travel about getting a remortgage to do this. Thanks
Answers:
I would think enormously carefully about doing this. I'm assuming that the debts that you hold outstanding are unsecured e.g. personal loan, HP, credit cards etc? If you remortgage to repay these debts you are converting them from unsecured to secured, which means if you don't repay the debts now, the worst that can start is you can (eventually) be made bankrupt, but you can keep the house. If you non-attendance on your mortgage, your lender can repossess the property.
Secondly, if you are using a debt consultancy agency, the likelihood is that you have some sort of plan (IVA?) worked out beside them and your creditors to repay your debts over a fixed period of time? Your creditors may or may not be charging you interest during this time. If you remortgage, typically over 25 years which seems to be the norm, you will be paying interest on these debts for the entire mortgage possession.
I'd suggest speaking to Citizens Advice, Nationdebtline or Consumer Credit Counselling Service - they're all free and genuinely, really courteous.
If you're adamant that you want to remortgage (and there's nothing wrong next to that, provided you know the risks) then speak to an Independent Mortgage Broker or Whole of Market Advisor. You can find a an advisor at www.unbiased.co.uk, or even better, use an advisor recommended by a friend or inherited member. I would advise against using a large street bank - they tend only to lend on low risk, popular cases and are restricted on the products that they can recommend. A decent broker will research the whole marketplace, with your best interests at heart, and will work on a fee, commission or combination spring.
Good luck with whatever you do! Source(s): http://www.nationaldebtline.co.uk/
http://www.cccs.co.uk/
http://www.citizensadvice.org.uk/
http://www.unbiased.co.uk/find-a-mortgag…
Start shopping around for a bank to refinance your mortgage. Basically, you will running out up filling out a new application, the guard will process the new application just approaching your first, they will do an appraisal (well, actually you will pay for an appraisal) to check on your equity and if you qualify and own equity, you should be good to go.
However, if the good point of your property has declined to below what you owe or your credit evaluation is too low, you may not be able to re-fi.
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Answers:
I would think enormously carefully about doing this. I'm assuming that the debts that you hold outstanding are unsecured e.g. personal loan, HP, credit cards etc? If you remortgage to repay these debts you are converting them from unsecured to secured, which means if you don't repay the debts now, the worst that can start is you can (eventually) be made bankrupt, but you can keep the house. If you non-attendance on your mortgage, your lender can repossess the property.
Secondly, if you are using a debt consultancy agency, the likelihood is that you have some sort of plan (IVA?) worked out beside them and your creditors to repay your debts over a fixed period of time? Your creditors may or may not be charging you interest during this time. If you remortgage, typically over 25 years which seems to be the norm, you will be paying interest on these debts for the entire mortgage possession.
I'd suggest speaking to Citizens Advice, Nationdebtline or Consumer Credit Counselling Service - they're all free and genuinely, really courteous.
If you're adamant that you want to remortgage (and there's nothing wrong next to that, provided you know the risks) then speak to an Independent Mortgage Broker or Whole of Market Advisor. You can find a an advisor at www.unbiased.co.uk, or even better, use an advisor recommended by a friend or inherited member. I would advise against using a large street bank - they tend only to lend on low risk, popular cases and are restricted on the products that they can recommend. A decent broker will research the whole marketplace, with your best interests at heart, and will work on a fee, commission or combination spring.
Good luck with whatever you do! Source(s): http://www.nationaldebtline.co.uk/
http://www.cccs.co.uk/
http://www.citizensadvice.org.uk/
http://www.unbiased.co.uk/find-a-mortgag…
Start shopping around for a bank to refinance your mortgage. Basically, you will running out up filling out a new application, the guard will process the new application just approaching your first, they will do an appraisal (well, actually you will pay for an appraisal) to check on your equity and if you qualify and own equity, you should be good to go.
However, if the good point of your property has declined to below what you owe or your credit evaluation is too low, you may not be able to re-fi.
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