Skip to content

Avatar
Log In
Please consider registering
Guest
Forum Scope


Match



Forum Options



Min search length: 3 characters / Max search length: 84 characters
Register Lost password?
sp_TopicIcon
Remortgage on home
Avatar
Homeowner2010
3 Posts
(Offline)
1
07/01/2021 - 10:45 am

Hi

We are looking to borrow £20-£25k to consolidate some debts (£10k)and take some money for home improvements (£10k) We currently own our home which is valued at £320k . Age 40& 38. I have some missed payments on utility bills , an over my overdraft limit for 3 months and my husband has previous payday loans outstanding. We are Both employed earning approximately £45k a year total income.

is this something that we could consider? Are internet rates very much higher than high street banks?

Thank you for any help in advance

Avatar
Homeowner2010
3 Posts
(Offline)
2
07/01/2021 - 10:45 am

Should also say we also own a home that we bought in 2004 and is now rented out £43k mortgage/ £75/80k value (c&i)

Avatar
157 Posts
(Offline)
3
07/01/2021 - 10:46 am

Hi,

The buy to let shouldn’t have a big impact as imagine it will be self financing.

It is not clear from the original post, but I have assumed you have no mortgage on your current property?

In any case the devil will be in the detail, but I’d expect a positive outcome on not far off highstreet monthly payments, although depending upon the specifics highstreet terms could be possible.

It would be prudent to obtain your credit file and have this assessed, as this will allow a professional to obtain an accurate quote on terms achievable..

Avatar
Homeowner2010
3 Posts
(Offline)
4
07/01/2021 - 10:46 am

Yes Hayley our current home has no mortgage on . Is there a minimum loan amount that we can borrow for a loan/mortgage?

Avatar
157 Posts
(Offline)
5
07/01/2021 - 10:47 am

Every lender is different on the minimum mortgage and with some your requirements will be short of that minimum.

There will almost certainly be a solution still, but obviously needs to be cost effective for you.

Often for borrowing of this value, you’d need to weigh up all financing options as securing on your property over a longer term typically increases the overall, total cost of the borrowing..

Forum Timezone: Europe/London
All RSSShow Stats
Top Posters:
jrlsmc890: 12
beepboopbeep: 12
Allison79mw: 11
walt46: 11
ashley_987: 10
Redpanther89: 9
nursek: 8
M_wannabe: 6
RussH: 6
ERG005: 6
Newest Members:
testls
paulgough
ThomasMoubs
Davidjohn753951
Tim453
joric
RelyServices5
RobertHep
ncubemp
Help2022
Forum Stats:
Groups: 1
Forums: 12
Topics: 156
Posts: 556

 

Member Stats:
Guest Posters: 0
Members: 411
Moderators: 5
Admins: 3
Most Users Ever Online: 207
Currently Online:
Guest(s) 3
Currently Browsing this Page:
1 Guest(s)

Read Our Latest Reviews

4.94 Stars - Based on 2377 User Reviews

Your home may be repossessed if you do not keep up repayments on your mortgage.