Posted on 4 April 2011 by Tomtukka
I currently own a property worth in excess of £200,000.00 with no mortgage. Can I take out a mortgage for £85,000.00 to consolidate all our debt and pay for rennovation to the house?
Subject to your personal circumstances and the suitability of your property for mortgage purposes this should be possible.
When consolidating debts you should be aware that whilst the interest rate on a mortgage may be cheaper, the length of time you repay the debt and interest charges is likely to be a lot longer and as a result you will end up paying more than if you left it alone.
I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.