Should I Remortgage To Try And Tackle Personal Debts?
We cannot fully answer this question without more details but please be aware that if you put unsecured debts such as credit cards and personal loans etc. onto your mortgage you may reduce your monthly outgoings in the short term, but may be paying these debts for much longer and in turn end up paying more. Also if you fail to keep up with the increased mortgage payments your home could be re-possessed by the lender as the debt is secured against your property.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk
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No. The first thing you need to do is get a grip on why you can’t control your spending habits. If you remortgage and pay this debt off, then what is to stop you from running up more debt and having to do this again?
What you are doing here is treating a symptom, debt from bad spending habits. What you should be doing is treating the cause of the bad spending habits before you tackle the bad debts.
That is too vague a question to give a proper answer to, but generally speaking you should deal with any serious debt problem first. Remortgaging is taking out more credit against your most important asset – your home. As this means that you potentially increase the risk of losing your home, it is almost certainly better to try to tackle your debts in a different way.
Depending how much debt you have, you should probably look at debt management first. You can approach several companies without any obligation and compare what they offer you.
Would need more information. Like how far behind are you? How many time have you remortgaged in the pass? What could you do without? (like that new car you may have purchased 3 months ago). You could possibly get yourself in deeper financial trouble if you remortgage more than twice.
unless you have more than 20% equity in your house, you won;t be able to refi and even then only to 80% loan to value maximum, so you need even more than 20% equity if you have other debts you want to pay off