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    • Joannef
    • By Joannef 11th Mar 17, 1:27 PM
    • 342Posts
    • 97Thanks
    Joannef
    Remortgaging to also consolidate debts
    • #1
    • 11th Mar 17, 1:27 PM
    Remortgaging to also consolidate debts 11th Mar 17 at 1:27 PM
    I have two questions and wondering if anyone can help as I'm not having much luck searching online.

    The first is that my salary have just increased (I've gone from 32 hours to 40 hours). Will any lenders consider me based on my new salary? I'm doing the same job and working for the same firm so the only change is my increased hours and wages. The first lender I contacted, Virgin Money, said they would not consider my new wages until June.

    My other query is, I want to consolidate some debts. I know remortgaging isn't the best way of doing this long-term, but I'm after a slightly short term resolution. I'm not sure if there is any consideration taking into why you're in debt?

    Are there any lenders that are more accepting to consolidating debts? The first few I've looked at will not lend me enough because as soon as I put debt in, the amount they will loan me drops. Will lenders consider that you're going to repay so they don't need to count these as monthly outgoings?

    Am I better going to a bank or broker directly rather than trying to deal with it myself. I've done all my other mortgages myself but they've always been a straightforward move or remortgage.

    My current LTV is 43:57. I'd be looking to increase it to 55:45.

    Thank you!
Page 1
    • kingstreet
    • By kingstreet 11th Mar 17, 1:31 PM
    • 31,472 Posts
    • 16,815 Thanks
    kingstreet
    • #2
    • 11th Mar 17, 1:31 PM
    • #2
    • 11th Mar 17, 1:31 PM
    There are lenders which will still hit affordability with the cost of debt which is being repaid, so a broker would help you with avoidable errors like picking one of those.

    As far as your increased income is concerned, there are lenders who will work from a letter or latest payslip. You accidentally fell on VM which has a requirement for latest two months' payslips.

    Again, a broker will avoid such lenders.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 11th Mar 17, 1:39 PM
    • 53,864 Posts
    • 46,656 Thanks
    Thrugelmir
    • #3
    • 11th Mar 17, 1:39 PM
    • #3
    • 11th Mar 17, 1:39 PM
    I'm not sure if there is any consideration taking into why you're in debt?
    Originally posted by Joannef
    Human nature being what it is. Lenders like to see people proactively addressing the issue themselves. Rather than simply expecting an easy way out.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • getmore4less
    • By getmore4less 11th Mar 17, 1:46 PM
    • 28,837 Posts
    • 17,251 Thanks
    getmore4less
    • #4
    • 11th Mar 17, 1:46 PM
    • #4
    • 11th Mar 17, 1:46 PM
    Why not just your increased income to work on the debt?

    27% increase on the mortgage.
    25% increase on the salary.


    Some idea of the numbers may help those that can guide.
    • Joannef
    • By Joannef 11th Mar 17, 1:49 PM
    • 342 Posts
    • 97 Thanks
    Joannef
    • #5
    • 11th Mar 17, 1:49 PM
    • #5
    • 11th Mar 17, 1:49 PM
    There are lenders which will still hit affordability with the cost of debt which is being repaid, so a broker would help you with avoidable errors like picking one of those.

    As far as your increased income is concerned, there are lenders who will work from a letter or latest payslip. You accidentally fell on VM which has a requirement for latest two months' payslips.

    Again, a broker will avoid such lenders.
    Originally posted by kingstreet
    Thank you. Typical that I only looked on VM. I think a broker is probably the best option, like you say, to avoid the ones that wont' go in my favour.



    Human nature being what it is. Lenders like to see people proactively addressing the issue themselves. Rather than simply expecting an easy way out.
    Originally posted by Thrugelmir
    I'm not looking for an "easy way out". I didn't really want to post the reason for the debt, but I have not been spending willy nilly expecting to just be able to get out of it. I took some time off work after struggling with a particularly stressful job. I decided after a work friend was sectioned, I should be proactive and take myself away from that situation and workplace. It took me several months to feel anywhere near normal and ready to cope again. Being relatively newly single meant I had no help to get me through that and no time to prepare for the time off.
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