Switching mortgage provider

[RoseWei]

Have 2 mortgages and 1 home loan, taken out 4 years ago as house we bought outright was in a terrible state and needed the money spent on it. Looking back, I think we were badly advised by HSBC to take out 3 discreet policies for the same job ie the house.

Not once defaulted on any of them. But I now have fewer hours work and DH's work uncertain. We struggle, budget and get by but I'm getting increasingly worried about the overall high cost and the interest on each of them. Would like to consolidate and look at different providers.

But - big but? - don't think because of old debts (which we are servicing or dealing with - one is PPI related) that we would automatically get through a credit check. Is one of these an inevitable part of getting a quote/acceptance from another provider? I really want to shop around because I'm so worried about the high cost of these loans and being able to deal with them as they are come the end of this month when our income will go down - all so uncertain.

I could go back to HSBC but the times when I have have proved unsatisfactory. Feel that I should be looking elsewhere if only for comparison's sake.

Any thoughts? Many thanks.

Probably the best way to work out if remortgaging is going to be worthwhile is to contact an independent financial advisor or mortgage broker and asking them to go through some options. Most lenders are looking for good credit worthiness but some have different criteria than others. There's also the matter of the LTV ratio... if you consolidate all the home-related borrowing what percentage of the value of your home do they comprise?

Thank you, CES. I'll need to do the maths and will post back - this thread may be helpful to others, too.

Certainly, I am worried about how much it is all costing me each month and how I'll be able to keep up the re-payments as they stand.

If your total debt commitment is causing you problems, have you considered talking to one of the free debt advisory services such as CAB, CCCS or National Debtline? There may be other ways to make your finances more manageable besides remortgaging your property.