Remortgage tracker or fixed?

[newtothis15]

We need to remortgage end of fdbruary

45 percent LTV -
250000 mortgage 20 years

Remortgaging - tracker or fixed?

Also in June need to pay off 7000 crediit card, in september 9,000 credit card

Shall i release money now when remortgaging or nearer the time of credit cards deadline to get a personal loan?

Sorry I have no advice but in a similar boat here!

Fixed 3 years

Most banks websites use have mortgage and personal loan calculators. I would play with them first and see which will work out cheaper and what your repayments are looking like to see if they are affordable.

It can seem tempting to put your debt on a mortgage but remember you are paying this off over 25 years which is a long time to be paying interest. If the payments are affordable it may be better to get a debt consolidation loan and have it paid off in 5 years.

When it comes to releasing equity you can in theory do it at any time. We took £40k out a couple of years ago to do house renovations and it was in the middle of mortgage term. It was just a second mortgage essentially and at a different rate (going rate at the time).

We remortgaged in September and released more equity for school fees. It felt sensible to do it then as we don't need the money for 5 years and we can get a great rate of interest on it meantime (higher than mortgage rate).

If you release equity now for credit cards just make sure you get best rate on that money until you need to use it.