GDPR Cookie Consent by SimpleServe Privacy Script refinancing advice - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

refinancing advice

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    refinancing advice

    Hi All,

    Ok so credit score is not a prob and income is not a prob but need advice on refinancing a mortgage and a secured loan - 15 years on mortgage left and far longer on loan left

    Equity on the property is around 110k

    what is the prob is that the loan is 39k and can't seem to simply add it to mortgage and reduce total payment.

    either a bank won't take on more than 30k or if they do add it to morgage they make the loan bit payable over 10 years.

    advice?
    Tags: advice, arrears, bank, child, court, credit, credit score, date, figures, finances, financial, house, income, joint names, legal, loan, monthly, mortgage, mortgages, order, pay, payments, property, selling, work
  • #2
    Re: refinancing advice

    Sorry I missed this post.

    We can't give you financial advice but I'm happy to 'kick around the figures' with you since I currently have seven mortgages so I have a pretty good idea how things work.

    A lot depends on the history of your current mortgage and the secured loan and the terms of those two products.

    Maybe it would be wise to consider whether joining them together (as a new mortgage product) would actually be a good thing - it isn't always.

    Another important issue is whether this is a mortgage/secured loan in your sole name or in joint names with a partner. Haven't I seen another post/thread by you on this very topic?

    Plan B x

    Comment

    • #3
      Re: refinancing advice

      Hi Mal. Are you still considering refinancing your mortgage and secured loan?
      When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: refinancing advice

        hi there, thanks to you both for your responses.

        Yes i am still looking to refinance. Both are in joint names but ex won't pay so even with a court order him not paying will effect me and to some extent can't given the damage he's done to his own finances. left and refused to make any payments at all (including child maintenance).

        Unless I'm mistaken refinancing right now won't be possible as even though i'm refinancing - in my sole name - the legal team said they can't complete it while ex remains on deeds. But refinancing is going to be required - the payments remaining on the secured loan are twice the outstanding balance and I've been paying it since 2007.

        Anyway, my high street bank they won't allow me to add the loan to the mortgage and make give me one mortgage. But they will give me another loan to pay off the old one and then run it for max of 10 years concurrent with the first ten years of new mortgage. this actually makes a minimal different to my monthly outgoings until the loan is repaid but obviously it does in the long term.

        re history: my mortgage is all up to date no arrears and its has no early redemption. Loan has a charge of £120 to tfr in to sole name and a charge of £150 early settlement charge (but the calculation appears odd as its bigger than outstanding statement balance regardless of adding the early settlement). Honestly the loan is my biggest issue - a con would be an understatement but i do believe i'm stuck with it til i refinance it with another one or selling my house and it's paid off with proceeds.

        Comment

        Previous template Next
        Working...
        X