Remortgage

6 posts Page 1 of 1
Post Reply
 
 

fudge34

User avatar
Posts: 197
Joined: Mon Jul 30, 2007 9:18 pm
Location:
Post by fudge34 » Wed Aug 15, 2007 7:41 am
Quote
Hi again
someone has told me that rather than go into BR to look into taking a 125% remortgage on the house and paying off my debts this way - has anyone experienced going through this before! thanks fudge x
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Wed Aug 15, 2007 7:56 am
Quote
I would certainly not recommend putting your house at risk by taking out such a huge mortgage, and with a possibly now poor credit rating would not have thought this sort of product would be available to you in any case. Remind me how much equity you have in your property now, compared to the amount you owed to creditors, and how much would this extra borrowing cost?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

fudge34

User avatar
Posts: 197
Joined: Mon Jul 30, 2007 9:18 pm
Location:
Post by fudge34 » Wed Aug 15, 2007 8:53 am
Quote
Hi Melanie
I need to contact the financial advisor to go through the figures as in what extra this will cost me every month but in essence i brought the house last year for 153.00 our mortgage currently stands at 146.00 and we have an early penalty of 5 grand if we change our mortgage before the 3 years - its a joint mortgage so its only half of my equity.
Top
 
 

fudge34

User avatar
Posts: 197
Joined: Mon Jul 30, 2007 9:18 pm
Location:
Post by fudge34 » Wed Aug 15, 2007 8:59 am
Quote
opps meant to say that I owe 62.000 in debt and that includes a 30.000 loan to NR
Top
 
 

pippa

User avatar
Posts: 278
Joined: Mon May 28, 2007 2:57 pm
Location:
Post by pippa » Wed Aug 15, 2007 9:19 am
Quote
Fudge34

I applaud you for covering all options and cant offer you any expert advice, I also thought of every possible option prior to going BR yesterday, but really it comes down to affordability, and for me I would have been really struggling for a lot longer than an IVA or BR period. Do remember that if you have very little equity in your property and have redemption payments on your mortgage product, your home perhaps would not be lost in BR, I really hope you find the right solution, good luck Fudge, I wish you well.

Pippa
Top
 
 

Oliver

User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm
Location:
Post by Oliver » Wed Aug 15, 2007 9:24 am
Quote
Will this mortgage be transferable to another propety as otherwise this negative equity situtation will make it very difficult for you to move in the near future?

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
Top
Post Reply
6 posts Page 1 of 1
Return to “IVA postbag for august”