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rip
rip_2
Posts: 1 Newbie
Hi,
Wonder if anyone can advise me, I have a buy to let in Belfast and would like to get some equity out of it. Currntly the I owe 70,000 and would like 25,000 from it. The valuation is sitting at 130,000 with a rent coming in at 650 p/m. The problem is my credit rating is poor and I merely want to clear some debt. Our joint incomes are 40,000 and the repyments on the additional funds would be easily paid by the rental income. I just keep getting told by my broker that there is no point in applying as I will get knocked back. Any ideas?
Wonder if anyone can advise me, I have a buy to let in Belfast and would like to get some equity out of it. Currntly the I owe 70,000 and would like 25,000 from it. The valuation is sitting at 130,000 with a rent coming in at 650 p/m. The problem is my credit rating is poor and I merely want to clear some debt. Our joint incomes are 40,000 and the repyments on the additional funds would be easily paid by the rental income. I just keep getting told by my broker that there is no point in applying as I will get knocked back. Any ideas?
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Comments
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Sell the property and start afresh.
Lenders won't be interested in advancing further funds for debt consolidation.0 -
You won't be 'clearing' any debt, you'll simply be transferring it on to your property.poppy100
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Thrugelmir wrote: »Sell the property and start afresh.
Lenders won't be interested in advancing further funds for debt consolidation.
Why? It's quite common.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Your credit rating is poor, you're wanting to borrow more on a BTL to consolidate debts, and your broker (knowing your full circumstances) has already told you you'll get knocked back? Sorry, but I can't see any reason why a lender would want to let you increase your BTL loan.
You might get some help over on the Debt Free Wannabee board. Post a Statement of Affairs (the stickies explain how) and the guys over there might be able to come up with some suggestions for you.0
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