Cannot get loan or remortgage with £160k equity

V70

Some serious advice wanted please.

Wanting to raise around £20k or either remortgage for around £80k total, problem! 2 ccj's 1 for £500 comes off in Oct, one for £2500 as 2 years to run both unsettled but would be settled if successful. Wife and mine income £48k gross both aged around mid 50's. Present property valued around £195k outstanding mortgage of £34k with santander who have turned us down when I told them about ccj's.

Any advice, is it going to be possible or would it be best to sell and buy smaller. Find it hard to believe no one will lend with £160k plus equity or am I missing something here.

Hope I have posted in right place apologies if not but im new to this, be gentle with me LOL.

Thrugelmir

Hi welcome to the board.

To be frank unsettled CCJ's would be a concern to any lender. The amount of equity is of passing interest to a lender. The likelihood of you making all your mortgage payments on time is the major concern.

You say you have gross income of £48k with only a £34k mortgage. So why do you need to remortgage for £80k.

Do you have other unsecured debts outstanding?

GMS

You may be better considering a secured loan. This would leave your current mortgage in place with the secured second charge running alongside it. Second charge would be a higher interest rate but could be cheaper overall and allow for the adverse credit.

Based on the info you have given it should be doable.

Speak to a broker to see how to proceed.

getmore4less

whats the money for?

Which is it £20k or (£80k-£34k) £46k

Why can't you just work on paying off the £3k ccj debts from income.