I've confused the system ..awaiting approval

BIG_BROTHER_WORRIES

Howdy
I have 90k mortgage(interest only) need 30k to clear
everything else, and leave a small sum for a very rainy day.

I spoke to my lenders Abbey . No go for additional borrowing or bigger mortgage. They did set up a bank account with them, but I think I'll
stick with Barclays.

Spoke to Barclays (when I paid a cheque in yesterday , they
suggested I see them for help.)
Saw Barclays, everything seemed well for £10.5k loan ,
all of a sudden after all of the discussion finished the adviser was confused.

I have to wait till mid afternoon to see if I succeeded in getting loan.

We are all baffled. My credit rating is/was good .
I was advised at 1 point that I should remortgage with Barclays.
I have decided to stay with Abbey ,altho' I have to send cheque for £700.00
to secure. I don't want to raise my mortgage to12000k as if IMHO it's better to keep other bills unsecured against my property which is worth around £240-250000. Any advice is appreciated:cool:

gizmo111

I think you need to list you other debts and income etc before you can get any advice - I think this would be better on the DFW board. Very rarely is it a good idea to make your unsecured debt secured -despite what the shiny ads would have you beleive!

BIG_BROTHER_WORRIES

Thanks Gizmo, I've been totally upfront. As Barclays are my bank(and have been fo 25 years) they had all information infront of me.
Don't know if it's anything to do with the fact I applied for Abbeyloan yesterday...

Thrugelmir

BIG_BROTHER_WORRIES wrote: »

Howdy
I have 90k mortgage(interest only) need 30k to clear
everything else, and leave a small sum for a very rainy day.

We are all baffled. My credit rating is/was good .

Any potential lender will look at your finances and see a mortgage on an interest only basis. No repayment vehicle. So how do you intend repaying capital?

Also £30k of unsecured borrowing. Which considering your mortgage repayments are lower due to no capital repayments. Will suggest that your handling of your financial affairs isn't very good.

You have sizable equity in your property. Perhaps you should consider moving to a cheaper property and release equity to get your financial position straightened out.

Debt is a downward spiral. That is hard to get out of.

BIG_BROTHER_WORRIES

Thanks Thrugelmir
I forgot to mention that I have been only interest only for 2 years after being made redundant. The reason I 'm paying Abbey the mortgage fee for staying with them , is that I am going back on repayment for ever.

I intend to have paid off mortgage in 15 years time by which time I'll be 60.

I did a post a while back ,explaining that I may consider joining up with my brother and both of us are as near debt free as possible.But that's another story;)

Thrugelmir

BIG_BROTHER_WORRIES wrote: »

Thanks Thrugelmir
I forgot to mention that I have been only interest only for 2 years after being made redundant. The reason I 'm paying Abbey the mortgage fee for staying with them , is that I am going back on repayment for ever.

I intend to have paid off mortgage in 15 years time by which time I'll be 60.

I did a post a while back ,explaining that I may consider joining up with my brother and both of us are as near debt free as possible.But that's another story;)

Thats useful information. :beer:

BIG_BROTHER_WORRIES

Well, got approval in the end. It was a technical error.
Apparently if I don't apply for credit within the next 6 months (which I won't)
then this credit search won't matter.

Now to be on my best behaviour and avoid going over my O.D limit (which
has now been reduced):cool:.........