How much would 10k cost me???

Question

I have a morgage for 50K, but need to raise another 10k to pay off credit cards, my house is worth 130k. How much approx would it cost me to add this to my morgage and how much extra would it cost me per month and am I doing the right thing. P.S credit cards have now been cut up!

Answer 1

You really ought to discuss this with an independent financial advisor to get unbiased and professional advice.

Answer 2

You should probably do a bit more research. If you can get your credit card debt moved to a low interest credit card and focus your efforts on paying them off directly, I would say that's the best bet. Sometimes you can get rates as low as 2% for the life of the credit card. It would seem better to me to go this route because right now they credit card debt is unsecured. It doesn't make a lot of sense to move it to a mortgage and then if you don't pay it, they can take your house. Now, if you don't pay it, they can harass you interminably and eventually take you to court, but they can't take your house. So, look into this more before you make this move. JMHO.

Answer 3

The cost basis is whatever the value of the original 15 shares was on the date of acquisition. With the numbers you gave, that's still $570.00 for the entire block. The per-share change in value due to splits, exchanges, etc. isn't a factor. But if you want to know that, just divide the number of shares (468) by the original total cost (570) to get a per-share cost of 0.821. You'll only need to worry about that if you dispose of part of the shares. If there are any more splits or exchanges before you sell, you'll need to re-calculate the per-share cost if you sell less than the entire block. The company's Investor Relations department can provide detailed information for you to reconstruct the splits and exchanges if you wish.

Answer 4

What you should do is go to your mortgage provider and ask for the mortgage to be reviewed , giving them the reasons you have outlined here.
A mortgage will always be a cheaper option than the interest rates on credit cards .
As you have so much equity in your property there should be no issues at your bank or building society about addressing your debt.
Good Luck

Answer 5

on a 25 yr repayment mortgage I would expect around the £80 per month mark.
A shorter repayment term will cost more obviously as you are repaying the debt quicker.
Exact costs will depend on the lender and your credit status etc.
I am a mortgage broker and I would say that if you are only currently making the minimum payments to your creditcard balances, YES, you are definitely doing the right thing!

Answer 6

You should have kept the cards, all you had to do was learn how to use them.
Now you are thinking of borrowing even more money which means you are still having problems with understanding the concept of NOT BORROWING MONEY.

You have a house? Why not rent some rooms. You have a wage? Why not learn how to make it last three times as much.
You have goods? Why not sell them to raise some money instead of borrowing more?
Why cut up cards that can help you buy cheaper online goods?

Answer 7

I don't think you can add 10k to an existing mortgage, but you can take out a second loan, like a home equity loan, at a slightly higher rate.

Answer 8

no way -- you should maybe consider a 2nd mortage but add cc debt over a 20 to 30 year pay off is dumb -- try to get just enough to cover the credit card debt and than pay than loan off asap!!!

Answer 9

Good job cutting up your credit cards!! :)
I'm not sure, but maybe talk to your bank about it for things like interest, etc., too.

Answer 10

I don't believe that you have given enough information. what about interest and length of morgage?