Re-mortgage or Secured loan which is more likely to be accepted??

dimbo61

The mortgage would take into account his income so 3/4X his income hopefully more than the £55,000 you want to borrow?
The Loan To Value would need to be less than 70% to get the deal from NR I gave you as an example
Good Luck

bethg2009

Thanks dimbo, his income is £26800 before tax, like I said we have no idea when it comes to money, so would that be a factor for him?

dimbo61

He should be able to get the mortgage on his income alone BUT you have the poor credit history and I dont know if that will affect the application!
Only way to find out is to check his credit rating with the companies and apply

herbiesjp

Plenty of options available

Don't forget that any dependents will reduce his mortgage potential with some lenders - but you should be fine

bethg2009

Hiya, not really been thinking about mortgage and payments stuff over past cpl of weeks, just had another couple of questions before we go ahead and ring round places.
1. If we decide to stay with our existing lender will this reduce the hassle?? (ie. we bank with them so they see our outgoings)
2. Will they discuss anything with me? With his permission of course, OH is no good at talking and really wouldn't have a clue at all, even though it would solely be in his name I would just be acting as a go between over the phone.
3. Exactly what information would we need in front of us when we ring?

Thanks

bethg2009

Has anyone got any advice for me??

please??

herbiesjp

bethg2009 wrote: »

Hiya, not really been thinking about mortgage and payments stuff over past cpl of weeks, just had another couple of questions before we go ahead and ring round places.
1. If we decide to stay with our existing lender will this reduce the hassle?? (ie. we bank with them so they see our outgoings)
2. Will they discuss anything with me? With his permission of course, OH is no good at talking and really wouldn't have a clue at all, even though it would solely be in his name I would just be acting as a go between over the phone.
3. Exactly what information would we need in front of us when we ring?

Thanks

1) Not necessarily - if increasing your mortgage, it will need to be fully underwritten again.
2) As long as your OH asks them to speak to you, they should be able to talk to you.
3) All information about the debts, and all personal information

poppy10_2

bethg2009 wrote: »

We want to borrow £55,000.00 to clear all our debts off

This is a contradiction in terms. You can't "borrow to clear debt off." All you are doing is transferring your debt to your mortgage. The notion that you will suddenly have some 'free money' to splurge on a new car and home improvements is the sort of thing that will land you in trouble in the future.

CloudCuckooLand

Have to agree with Poppy. You need to get over to the debt-free wannabee board and get the inspiration to have a lightbulb moment, rather than trying to juggle your debts in a way that allows you to spend money you don't have.

bethg2009

Thanks people, and I fully understand where you're comin from however I have had that lightbulb moment, this for us, is the only way to "free up" any money to save. I am 220% committed to moving the debt so that we can save the money not spend it. I have been in that position too many times before.
To pay off all of our debts the way we are at the moment on minimum payment plans with all of my creditors, mortgage and secured loan it is going to take me 11 years with no spare cash, whereas by re-financing and adding to the mortgage this will not only reduce outgoings but reduce mortgage life as we currently have 14 years left and have decided to reduce the term to 10 years.
I know everyone says they won't take out more credit, but the reality is I have the worst ever credit history and won't be in a position to get credit until my file is clear anyhow, (can't even get a mobile contract) I am committed.
I will do this, I know it's not exactly debt-free, I'd just rather be struggle-free and know exactly where I'm at.
Thanks for the advice and support guys you're all fab :A