Ok Tell Me Where I have Gone Wrong

mascott514

Thanks, yeah i have cut back, and things are ok, Sky has gone etc, and I am ok debt wise,

I will wait to see what the broker says, if we stay put its not the end of the world, and if we move mortgages, so be it!

If we dont move we can overpay a lump sum in (around £10k, so we might do that!

I really appreciate everyones time, and it really has helped. I will keep you informed as to what we do...

Thrugelmir

While you have the debt and your wife the "cash". All that will appear on a credit check is your debt liability. So the repayment of debt will be factored into affordability from the lenders point of view.

Also from a lenders point if view by granting your request for a switch to an i/o mortgage they'll be granting preference to the unsecured debt. Why should they?

Does your wife know you have the debt?

mascott514

Thrugelmir wrote: »

While you have the debt and your wife the "cash". All that will appear on a credit check is your debt liability. So the repayment of debt will be factored into affordability from the lenders point of view.

Also from a lenders point if view by granting your request for a switch to an i/o mortgage they'll be granting preference to the unsecured debt. Why should they?

Does your wife know you have the debt?

Why should they, Erm, I don't really follow the point i'm afraid. I am looking to move to a new lender, so they will either not be interested, or they will. It seems unlikely that IO will be right from what some have said regarding lending criteria, and the current situation, and if thats the case, thats fine.

My wife is fully aware of the debt in my name.

Thrugelmir

mascott514 wrote: »

Why should they, Erm, I don't really follow the point i'm afraid.

Bluntly put. You have the answer in your hands. The ability to tackle the root of the problem. Your lender is in business to make a profit from advancing money (on the purchase property) not provide a flexible lending service.

mascott514

Thrugelmir wrote: »

Bluntly put. You have the answer in your hands. The ability to tackle the root of the problem. Your lender is in business to make a profit from advancing money (on the purchase property) not provide a flexible lending service.

Agreed, at the end of the day, I am happy to carry on as I am, I have over-borrowed on unsecured debt, (but not to the point of complete meltdown!) ,m and I want to ensure that in the short to medium term any "solution" doesn't overly affect my our overall plan to pay off our mortgage.