Put Credit Card debt on mortgage

firebelly

Are lenders these days likely to accept debt reconciliation as a reason for adding extra lending onto my existing mortgage? Looking to add around £15k.

Tixy

Mortgage lenders are often not that interested what you want a loan for and whether its for debt consolidation - usually if you have sufficent equity and can demonstrate affordability then they would lend - assuming that your credit history is very good as well.

So assuming the extra £15k doesn't take you above a LTV of probably 70% and providing they assess your income as being high enough to afford the new higher mortgage and your existing debts then they are likely to lend to you. (Whilst you want to consolidate as they cannot be certain that you will not just go and spend the extra £15k they will base your affordability on the extra loan on top of your existing debts and commitments).

That said on this forum changing unsecured debt to secured debt is never advised. If you lose your incme/have a change in circumstances you put your home at a much greater risk. Far better to keep unsecured debt as unsecured, so that in the event you cannot meet repayments you will not lose your home.

Oneday77

FB. It may be worth doing an SOA and also snowballing what you currently have.
www.makesenseofcards.co.uk/soacalc.htm
www.makesenseofcards.co.uk/snowball.htm