Remortgage Advice needed

Feelgoode

My wife and I have rather large debts mostly ran up when I used my credit cards to cover being unemployed for 6 month about 2 years ago.

We've never missed a payment on mortages or cards and both have good Experian credit scores, (my wifes is the best you can get, mine not much worse).

We applied for a 90% remortgage from the Post Office that would clear ALL of our other debts and leave only the mortgage, saving us almost £800 a month, but we were refused. I asked the underwriter why and she said because we had a lot of debt! I explained that was why we wanted the mortgage and she said that the risk was we would get in more debt and so was refused.

So I now have a search on my experian report that might affect my score and would certainly cause questions from another lender.

Am I going to see this from other lenders? If we can't sort out a mortgage to remove all our debts we will start defaulting on payments. Is there a provider we could try immediately. If we can't we may have to sell the house, use the equity to pay off debts and be left renting.

Feelgoode

Just to explain the spread of debts, 3 credit cards, two loans, one of which is secured on the property.

herbiesjp

One search will not cause problems.

However I would suggest looking at other options via a good whole of market adviser, in order to find a lender who will turn around and say yes first time.

You don't post any other information so impossible to say whether or not you have any options.

Experian_company_representative

Agree. Only multiple recent searches are likely to affect credit scoring. Best to speak to the lender or broker and explain your consolidation strategy in advance.

James Jones