Debt Consolidation Help

Posts Tagged ‘house’

My house is worth approximately £200,000 pounds and I have a small mortgage for £30,000 I recently became self employed and needed to borrow to finance a car and some business premises, plus I have to pay the bills. Hence the credit cards have started to creep up. i.e. I owe £30,000 to c.card companies and bank loans. What should I do my income hasn’t really taken off and my advicer says that’s ok I can do a projection and he can sort a mortgage out for me. Can you help?

From what i gather about remortgaging, you release equity on your house and you are increasing the value of your original mortgage debt. It could be to pay off credit card debts or invest into a buy to let. Well my question is: is it possible to lower the initial mortgage debt simply by remortgaging the appreciation of the house. For example, if i bought a place for 170k with a 30k deposit and since then it has risen to lets say 240k, if i remortgage with another mortgage provider can i use the capital appreciation of 70k to lower the mortgage even further? Hence, my original mortgage loan of 140k is now reduced to 70k. Is this possible or am i just dreaming?? The other thing is if the above was possible would it be best to remortgage the capital appreciation to lower the original mortgage debt or remortgage the value of the house to invest into a buy to let??

Read the rest of this entry »