Re-Mortgage to clear Cu Loan ??

Hmm_Messiah

Hi,

Not sure if this is the right place for this, I would of course work out all the figures etc before I decide anything. These are not the precise figures but enought I think for any one to help me .

I've 124000.00 left on my mortgage and 27 yrs !! ( taken out as a single person)

The repayments are well within my abilities

However I also have 13000.oo loan with the Credit Union, partly covering the balance I needed to buy the place, partly renovations, sheds floors etc .

The purchase price was around 139k and are now selling for 175k

I HATE loans and so am repaying the CU loan at 100e a week on top of the monthly mortgage.

2 qs:
would it make more sense to remortgage and to include the CU loan and clear that. I know I would be paying interest then over consider more yrs, but the monthly outgoing would be more comfortable for a single earner. I also thought maybe of increasing the mortgage and reducing the yrs, so say I pay 70% of what I am now paying combined mortgage/loan?

also
if I sold the apartment at this new price, cleared the mortgage and had enought o pay 10% cost of new place..oops the question is ... would the bank be more likley to give me a considerably greater mortgage having had 2 yrs expereince of me paying etc .

sorry if that doesn't make sense, am a little tired

ircoha

Hmm_Messiah wrote:

Hi,

Not sure if this is the right place for this, I would of course work out all the figures etc before I decide anything. These are not the precise figures but enought I think for any one to help me .

I've 124000.00 left on my mortgage and 27 yrs !! ( taken out as a single person)

The repayments are well within my abilities
<this means that all other things being equal you should be able to borrow more as per Q2>

However I also have 13000.oo loan with the Credit Union, partly covering the balance I needed to buy the place, partly renovations, sheds floors etc .

The purchase price was around 139k and are now selling for 175k

I HATE loans and so am repaying the CU loan at 100e a week on top of the monthly mortgage.

2 qs:
would it make more sense to remortgage and to include the CU loan and clear that. I know I would be paying interest then over consider more yrs, but the monthly outgoing would be more comfortable for a single earner. I also thought maybe of increasing the mortgage and reducing the yrs, so say I pay 70% of what I am now paying combined mortgage/loan?
<yes u seem to be tired, if u increase the mtge and reduce the years, the monthly will go up, not down to 70%>
also
if I sold the apartment at this new price, cleared the mortgage and had enought o pay 10% cost of new place..oops the question is ... would the bank be more likley to give me a considerably greater mortgage having had 2 yrs expereince of me paying etc .
<dont foregt the cost of moving and u wont be a first time buyer etc re loans and stampduty etc>

sorry if that doesn't make sense, am a little tired

See in line

Noelie

your questions seems all over the place, you want to Get a bigger mortgage while reducing the term it is paid over? while still pay less than your current combined loan/mortgage repayments?

your mortgage repayments must be low already if your mortgage is only 124,000 over 27 years.

Hmm_Messiah

I knew i was not making sense

Primarily I am wondering about the Loan repayments, they are near/equal to the mortgage payments at around 500.00 a month .
the question is if i remortgaged only to clear the 13k so mortgage now 137k instead of 124k surely my monthly outgoings would reduce?

and secondly would it be possible to do that and reduce the terms in yrs so i am maybe paying the same amount as present (combined) but with the time reduced (though my brother advises that length of mortgage is insgnificant if ur gonna sell in short term )