Urgent help needed

LAHE

Hi, I'm new here and in a state of panic really. Our 2 year fixed mortage is up at the end of this month and we have been trying to find another deal with an added 10k added to it to pay of very urgent debts. We have been turned down by our currant lender for the extra. They will only sort a mortgage out and it will be more expensive than if they gave us the new mortgage with the extra money! They say our credit isn't good enough, how crazy to then make us pay more but not give us the money to make good our credit rating!? Any help or advice would be appreciated.

maninthestreet

The lender is probably trying to tell you 'If you can't cope with your current level of debt, how are you going to cope with an additional £10K of secured debt?'

beecher

I don't think it is crazy at all to be honest, though I'm unsure how the offered mortgage will be more expensive than one with added borrowing? Are you including the cost of your present debts when working this out?

Perhaps you could go to the Debt Wannabee forum and post a SOA to try to cut down on your other expenses, and to focus on which debts to pay off first.

Mr_helpful

You need to talk to an independent broker. Just because your lender turned you down doesnt mean they all will

Toughluck

Who is the current lender by the way? If you are struggling can you not sell the property if it all becoming unaffordable?