First Direct refused re-mortgage! help

Shawblues

Hi all,

Just recently applied for additional borrowing from my current lender First Direct to consolidate 2 credit cards ( one with them). Good credit history, never defaulted on any payments. House is worth £185,000, current mortgage is for £88,000. 2 credit cards amount to 13,000 which I want consolidate. Wife is self employed ( owns franchise) for 5 years, and has recently took on two part time jobs with NHS to supplement income. They were unwilling to take on the second credit card debt from HBOS and would only take on their own credit card debt. Only recently been overdrawn ( which according to First Direct looks unfavourable) as my wife only got these two other jobs in January. Now we are back on track with accounts back in the black. I earn 35k and my wife's salaries equate to 15k
Not sure what to do now. Any advice appreciated.

Cannon_Fodder

Shawblues wrote: »

Only recently been overdrawn ( which according to First Direct looks unfavourable)

That's because it is. Recent history counts more than ancient.

Not being able to manage your finances with £35k coming in is not a good sign.

Examine your expenditure. Trim spending and you will be able to tackle the credit cards without having to secure it against your home.

Go to the debt-free wannabee forum, post an SOA and see what they suggest for economising.

Shawblues

O.k. Thanks for the advice.