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Is Remortgage likely?
mumof3boys80
Posts: 1 Newbie
Hi,
Looking for a bit of advice as confidence has been knocked previously!
We currently have an outstanding mortgage of £75,000 and house is valued at £185,000. My husband earns around £27,000 pa and I earn £13,000 (currently on maternity leave but returning to work in March) Have debts of around £25,000 so was looking to remortgage for debt comsolidation. Applied to Halifax around 18 months ago and was declined. Applied to Santander and was told they would approve it if we could increase our income by £150.00 per month - since then have paid off a loan that was £134 per month and have 2 further loans due to end this year at around £150 per month each.
Only problem is that we have 2 late payments on credit cards from last year. is this likely to stop us from getting a mortgage? Any advice on who would be likely to approve would be appreciated as debts are getting on top of us at the moment.
Many thanks
Looking for a bit of advice as confidence has been knocked previously!
We currently have an outstanding mortgage of £75,000 and house is valued at £185,000. My husband earns around £27,000 pa and I earn £13,000 (currently on maternity leave but returning to work in March) Have debts of around £25,000 so was looking to remortgage for debt comsolidation. Applied to Halifax around 18 months ago and was declined. Applied to Santander and was told they would approve it if we could increase our income by £150.00 per month - since then have paid off a loan that was £134 per month and have 2 further loans due to end this year at around £150 per month each.
Only problem is that we have 2 late payments on credit cards from last year. is this likely to stop us from getting a mortgage? Any advice on who would be likely to approve would be appreciated as debts are getting on top of us at the moment.
Many thanks
0
Comments
-
You may find it difficult to remortgage for debt consolidation purposes with the major lenders.
Have you considered downsizing to a cheaper property to address the issue?0
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