S
sheilab
Guest
My wife and I currently have large credit card debts (approx 40K) which is obviously proving expensive to service never mind repay. We have two good salaries, own our own home and also a rental property. Our combined outstanding mortgage on the two properties is 300K and they have a combined value in excess of 800K.
1. Would our mortgage company be likely to extend a top up mortgage of 40k to allow us clear the more expensive credit card debt ?
2. Are we likely to have to say the new loan is for something other than paying off credit cards eg home improvements ?
3. Will the mortgage company be interested in advancing a top up mortgage over say 5 years or will we be compelled to take the loan over the remaining life of the mortage ?
1. Would our mortgage company be likely to extend a top up mortgage of 40k to allow us clear the more expensive credit card debt ?
2. Are we likely to have to say the new loan is for something other than paying off credit cards eg home improvements ?
3. Will the mortgage company be interested in advancing a top up mortgage over say 5 years or will we be compelled to take the loan over the remaining life of the mortage ?