Consolidate Loans

Hi I am a new poster here and hope that I can get some advice on whether to consolidate our loans with our mortgage.

We have 2 loans outstanding, which total to 26K
Loan # 1 = €565pm for 2 more years
Loan # 2 = €270pm for 4 more years

We also have a mortgage which is €1638pm

With interest rates increasing all the time we have come to a situation where our incomings are just about matching our outgoings and I am afraid of not having anything left over incase of emergencies ("rainy day" scenario!).

Im just wondering would we be better off consolidating both these loans with our mortgage? Would this make much of a difference and is there some reason why consolidation would be a bad idea? Any other suggestions? Really appreciate anyones advice on this.

If you can add these loans to your mortgage, but still repay them over 3-4 years, then it might be a good idea.

But adding them to your mortgage over the remaining term (e.g. 20 years or whetever) is almost certainly not as the interest cost will be significant.

You will need to have equity in your home before you can remortage, i.e. the value of the property will need to be (significantly) more than the value of the mortgage outstanding.

Remortgaging may only be a short term solution to your cash flow problems-you also need to address all other aspects of your spending.