Re-Mortgaging

Hi,

I am thinking about re-mortgaging my property in order to clear some outstanding debts and begin saving to move to a larger place.
Advice Please?

Many lenders aren't doing debt consolidation anymore.

However, how much is your outstanding mortgage & current value of property? You generally cannot re-mortgage to more than 80% of the value of the property.

Hi,

My outstanding mortgage is 283,000. The value of the property is also 280,000 I am only looking to top up on the mortgage really. I know the minimum is 20,000 which is more than enough

L ola said:

Hi,

My outstanding mortgage is 283,000. The value of the property is also 280,000 I am only looking to top up on the mortgage really. I know the minimum is 20,000 which is more than enough

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Its very unlikely they will give you a top up and push you further into negative equity. You have no equity to remortgage. They might give you an unsecured loan but obviously you will pay higher rates.

L ola, you can't get a top-up mortgage which will bring the value of the mortgage in excess of the value of the property. In fact the mortgage is already in excess of the value of the property...

Ok thanks. Makes sense I suppose. Any other ideas for me?

Budget first, pay off your existing debts as quickly as possible and build up your savings slowly. There isn't really any other way except winning the lottery or starting a business that turns out to be highly profitable!! And don't take offence but perhaps you would be well-advised to educate yourself on the basics of some financial products?

It may also profit you to take a look at the Money Makeover forum, it is likely that someone in a similar situation to you has posted there and the responses may help.

No offence taken. But thats why Im asking really

Thanks for the advice. Probably havent put enough thought into it

Thanks - Money management should really be covered better and more universally in school I think. In that case it is worth having a look at this website www.itsyourmoney.ie. It does go through the basics of financial products. For budgeting suggestions look at www.mabs.ie, they are a debt management service - you probably don't need to go for advice to them but their website has some good basic steps on money management.

In terms of your existing debt, it is impossible to tell without more specific information. Peruse Money Makeover, if nothing there seems to quite fit your situation use the template to post up your details.