Tiggs

in theory its fine- you can borrow an amount that relates to your prop value so if the house is now of higher value you can borrow more than when you first got it.

you are still tied to only borrowing an amount that relates to a multiple of your incomes though so bear this in mind ( or get your employer to say you earn £X and you can borrow what you like- yes it is that simple)

who you get the loan from and do you use an adviser.... you figure this out, an adviser is ok if you want an easy life but they do the work for the fee paid to them by the loan company and then comission on any related product they sell you....some companies pay no adviser fee so you wont get their deal from an adviser looking to make so money from it even if its a good deal.

personaly i'd do it myself.

also watch your current loan (if you have one) for exit fees.

Tiggs

financial adviser....but wouldnt touch a mortgage sale with a 50 foot pole cause they are hassle!!!

edit to add:

the stuff you are paying off....check if you can get a cheaper credit card, if you have good credit there is no need to pay much interest at all. for the last few years i have had a constant source of 0% interest money ranging from 10-20k buy switching credit cards.

as for getting married...debt V married life ..u decide

[Edited by Tiggs - 9/2/2002 11:20:45 PM]

Da Booga

Hi,

I need a bit of advice and guidance regarding a mortgage.

Since moving into our house (me and fiancee) a year and a half ago the price has risen nearly 1/3. We know this because our neighbour has recently sold their house and got £30k more than we paid for ours. What we want to know is how easy would it be to remortgage the house to free up say £20k of the equity to use for paying off loans/credit cards and getting married?

Is this feasable and has anyone got any recommendations of companies or advice?

We will see a financial advisor before making any decisions but thought the wealth of knowledge available on Scoobynet may be able to give us a few pointers first.

Thanks for reading,

G.

blp

First thing to take on board is the bank considers if you can make repayments on the new mortgage amount.

2nd is that there is no such thing as 100% remortgage. Normally they will remortage upto 75% to 80% of the value.

3rdly...work out how much your new mortgage payment would be on 8, 10 & 12% interest rates. Ive been there...its not funny.
BLP

ScoobyK

Depending on your incomes, it should be possible to raise money in this way...however, just remember that house prices can come down...and you could be left with negetive equity.

That said, if you've other debts, you sure is hell paying more interest on the loans / cards etc than you would on your mortgage so it's often a viable way of doing things.

If you succeed, and are "saving" money each month (compared to your current outgoings), make use of it and INVEST it...then remortgaging will turn into the best thing you ever did.

Talk to your current lender first to see what they can do.