Turned down for re-mortgage

regularsaver1

if you go back to halifax(or new lender later) (consolidate into one mortgage - which you said they cant do - everything will be one charge

the other option (which can't be offered over the phone) is a homeowner loan (different lending criteria, separate loan to mgt but still secured and still with same lender)- so could possibly repay the 2nd charge and gain the extra - but it may be worth waiting at the moment

i wouldn't go for a 3rd charge, and the 3rd company would have to get permission of the 1st and the 2nd charge. - it is complicated

AndrewSmith

It depends on the T&C with Halifax and Black Horse.

Borrowing to repay borrowing is never a good idea unless there is true cost benefit, not just in a reduction of monthly cost in the short term but also cheaper in the long run.

A second or 3rd charge will 'generally' be more expensive than a first charge. Also with a second charge there may be additional redemption penalties and set up fees in addition to those on the 1st charge.

Having access to many lenders I would say that, obviously depending on the full picture of what is to be consolidated and the costs monthly, putting it all into a single 1st charge would most likely be the most cost effective way of reducing the outgoings on a monthly basis.

It will also depend on the tie in's you have with the Halifax.

Andy

regularsaver1

you state that halifax said you can only borrow £77k before - but that would have been based on your original term - as they use an affordability model - you could borrow more now with a larger term - still might not help, but worth a query - would be one charge if you could

Frugal_Fox

Hi - I think I've managed to confuse you both!!

I currently have a mortgage, unsecured debts and a second charge on the property from Black Horse.

I have re-negotiated the mortgage.

In time ( I appreciate I may have to wait a while for this!) I would like to consolidate the debt to one payment. Currently pay 9.9% apr on Black Horse, 18.9% (M & S - pre MSE in my defence!) and 13.9% Halifax credit card. I would like to consolidate these into one - lower APR - payment. Which I intend to overpay, but would like to take advantage of the lower interest rates.

Can I just consolidate these debts into a loan? Even though one currently is a charge on the property. Have no preference over secured or un-secured loans. I definately do NOT want a third charge - just wasn't sure how I go about getting this sorted !

Can you help?

FF

regularsaver1

if yopu want a term usually less that 7 years an unsecured loan can do this

if you want a longer term then usually would have to be secured