Mortgage situation - advice required.

[bluestilton]

I would welcome advice on the following;
We have 2 mortgages as follows:
Family home, 120k outstanding, rate 4.15%, 8 years remaining. Monthly repayments €1426. Current value 250k plus large site adjoining worth approx €80k.
Buy to let, 83k outstanding, rate 5.15%, 12 years remaining. Monthly repayments €761. Current value 150k. This mortgage with a vulture fund due to small arrears in past which are now cleared. Rented for €350 per month. Two bedroomed cottage, rent low as tenants look after minor repairs and maintenance etc.)
Would love to rearrange mortgages so that we can reduce term and have both cleared by the time we retire, hopefully early 60s. We are both mid 50s and public servants, annual salary net approx €70k.
We discussed option with an adviser re possibly doing deal with vulture fund and remortgaging our PPR to cover cost of same, this at least would leave us with one mortgage which would be paid off earlier. Advised that because our credit rating being affected in the past we will not be able to remortgage and are essentially caught in this trap with no way out. We would like to hold on to both properties.
Advice appreciated.
Thank you.

 

[Blackrock1]

Why do you need to remortgage to pay down the loans more quickly ?

 

[Monbretia]

If you don't have the option of remortgaging because of credit rating then there isn't much you can do, overpaying is your best option.

Do you think you could do a deal with the vulture fund for less? Do you have a credit union account? If you did get a good deal it would be worth trying CU for secured loan, it wouldn't be any cheaper than what you have and could be dearer but if you got a reduction in mortgage amount it might be worth it.