Remortgage,further advance,consolidation loan

getridofmydebt

I am currently looking at restructuring my finances to give me a little more disposible income each month as at the moment all of our income is just servicing our debt.

Thrugelmir

getridofmydebt wrote: »

I am currently looking at restructuring my finances to give me a little more disposible income each month as at the moment all of our income is just servicing our debt.
However ours is not a straightforward situation. I currently work in Spain on a self employed basis and have done for the last two years. I am still a UK resident and am on the electoral roll in the UK. My wife and kids reside there permantley. We have a house with an outstanding mortgage of approx £128,000 value of approx £695,000. The house is mortgaged with N & P bs and is currently on a tarcker rate at 3%, repayments approx £692 per month. We also have unsecured loan and credit card debt of approx £40,000. The cards and loan are all on apr's of 21.9% and we only manage to pay the minimum off each one each month. The repayments on these are approx £1,000 total each month.
Would any lender consider offering us a remortgage taking into account that i am based outside of the UK? would our existing lender consider a further advance and adding our £40k debt to our mortgage? or is there any other options open to us besides selling the house(still has further potential to develop)
We both have excellent credit rating and never made any late payments.

Personally I would sell the property and take the opportunity to sort my finances out in one fell swoop.

There's more to life than working just to service debt repayments.

Far easier to make money from a position of no debt.

getmore4less

What sort of money are you making?

Your current lender might be worth a shot, the may consider the development of the garrage if you are prepared to sell that off and reduce the debt that way

How much would it get sold as is with planning permission?

We could all build houses we can't afford by overstretching.

To be a pension fund you need to generate an income so how were you planning to do that from this house?

JA1000

You want to keep the house and get rid of the debt, you have spent is so now you must pay. Remortgaging is going to be an issue.

I think this post would be more relevant under DFW, try posting there but don't mention house or remortgage and you will be asked for an SOA then you can work towards paying off the £40k.