Mortgage Query

[query]

I have a mortgage with a balance of 150,000, I have my mortgage two years now, with 28 years remaining.
My house is worth 210,000, I want to clear two outstanding loans with a balance of 17k and a credit card of 4,000, can someone guide me in the right direction, can I increase my mortgage and timeframe to facilitate this. My salary is 32k.

Can you also recommend certain mortgage companies to approach?

 

[ClubMan]

Who is your mortgage with at the moment and is it competitive? If it is and they are willing to do a top-up then it would make sense to at least inquire there. With a loan to value ratio of 71% the prospects look promising but obviously any loan (including top-up) will also be constrained by your gross or disposable income. When consolidating loans onto the mortgage you should ideally schedule the top-up over a shorter period than the full term (e.g. if the loans were to be paid in 3 years then schedule the top-up over a similar term) otherwise you will be paying these loans off over 28+ years and, in spite of the lower overall monthly cost, the interest charges will probably be significantly higher in the long run. Also, it makes sense to treat such a consolidation to clear high cost debts as a once off financial restructuring and not an opportunity to run up more debts on personal loans and credit cards. If you have had problems managing your finances in this respect then you may need to take remedial action including ditching the credit card(s). The Banking, Borrowing and Credit Cards forum has some useful resources on budgeting and debt/finance management in case they are of any use to you (see the three threads linked at the top of the forum for example). Shop around for a remortgage for the larger amount required. If you can't do this yourself then contact a good/reliable mortgage broker. There are a few who contribute here who seem very knowledgeable if that's of any assistance.