Further Advance with very low LTV Ratio

ak23_2

So what's the method best to release £50k?

getmore4less

ak23 wrote: »

The route I want to pursue is further advance... I can afford the increased monthly sum and the LTV ratio is still below 50% which is good.

All I want to know is if the £15k credit card outstanding will hamper my application and is it better to pay it off quickly using funds from family/friends?

The problem with ANY other debt is that it show that you have not been able to afford the current payments because you have been borrowing money to fund lifestyle.

If you could have afforded more you would have savings not debt UNLESS

1: Your debts are showing a fairly substantial decrease each month(for a few months)?
2: something else has changed like increased income?

ak23_2

The £15k credit card was used to help out a family member who has actually run off with the money, obviously hindsight prevails in situations! Shouldn't have done so, therefore completely leaving me in a bad situation.

Me and the wife have a combined income of around £55k a year, and never missed any payments on credit cards/mortgages.

Just spoke to Halifax and they said using Further Advance to consolidate debts shouldnt be an issue and majority of people use equity in their houses for this purpose, however that was just a man on the phone and not the underwriters.

Just want to strengthen my application to the highest level before application...

GMS

ak23 wrote: »

The £15k credit card was used to help out a family member who has actually run off with the money, obviously hindsight prevails in situations! Shouldn't have done so, therefore completely leaving me in a bad situation.

Me and the wife have a combined income of around £55k a year, and never missed any payments on credit cards/mortgages.

Just spoke to Halifax and they said using Further Advance to consolidate debts shouldnt be an issue and majority of people use equity in their houses for this purpose, however that was just a man on the phone and not the underwriters.

Just want to strengthen my application to the highest level before application...

Is there a reason why you want to stay with Halifax?

Have you looked at other lenders?

ak23_2

Don't want to go through the whole re-mortgage route, just want to borrow some additional funds on my existing mortgage and am prepared to lose some equity to do so.

I havent defaulted any mortgage repayments, I'm paying £360 a month in minimum repayments for the £15k on the credit card which is not good! That's more than my actual mortgage payment!

Thrugelmir

ak23 wrote: »

I havent defaulted any mortgage repayments, I'm paying £360 a month in minimum repayments for the £15k on the credit card which is not good! That's more than my actual mortgage payment!

On your combined income of £55k should be possible to pay far more than this every month.

ak23_2

I can afford the minimum repayments and slightly more, just want to price the £15k card into the equity release