odd figures

mambo69

I was looking on the HSBC site, basically want to put all my eggs in one basket, 48k mortgage, 12k loan and 4k cards and make it one 65k mortgage over 15 years


realise it means I pay more, happy to live with that, but short term (over next 3 years) would mean a reduction from £802 per month to £480 so £322 and would then save that to pay for car insurance and car bills plus other expenses for a year, then overpay the mortgage

However I earn 27k per year and according to the HSBC website if I declare I owe £4k on cards they would only lend me 61k, which is less than 2.3 times salary. the mortgage at 65k is under 60% of the value so its not like i have a high loan to value ratio


any ideas? would i be better sitting with an adviser, explaining what i want to do, with the figures I have would it be more likely to get a positive result?

beecher2

Securing debt is usually seen as a bad option, but if you're determined to do this why don't you put the 12k loan onto your mortgage, and use the £322 a month to pay off your 4k credit card payments? Lenders aren't necessarily happy about remortgaging for debt consolidation though, and so HSBC might not want to allow this.

Make sure you deal with the issues which caused you to build up so much debt.

GMS

mambo69 wrote: »

I was looking on the HSBC site, basically want to put all my eggs in one basket, 48k mortgage, 12k loan and 4k cards and make it one 65k mortgage over 15 years


realise it means I pay more, happy to live with that, but short term (over next 3 years) would mean a reduction from £802 per month to £480 so £322 and would then save that to pay for car insurance and car bills plus other expenses for a year, then overpay the mortgage

However I earn 27k per year and according to the HSBC website if I declare I owe £4k on cards they would only lend me 61k, which is less than 2.3 times salary. the mortgage at 65k is under 60% of the value so its not like i have a high loan to value ratio


any ideas? would i be better sitting with an adviser, explaining what i want to do, with the figures I have would it be more likely to get a positive result?

Are the commitments required to be input into the calcuator if they are to be repaid?
If so you need to speak to the lender and explain that the remortgage is to repay the debts so they do not take them into account.

Debt consolidation is not something lenders are overlly happy with at present though.

A broker would be able to search across many lenders for you if ou choose that route.