Re-mortgage with large debts

CodyCalling74

Not sure if there are any similar threads but I'm new to the site and couldn't see any.

Anyway a couple of years ago we bought our new house and had some work done to it. Unfornunately the builder was a cowboy and we ended up getting rid of him and got someone else in to finish the job which inevitably cost us quite a lot more than we initially expected. We funded this with additional loans and sticking things on 0% credit cards which by time we had finshed totalled quite a bit of debt. Over the last year we have been steadily paying things off each month but it has left us little for ourselves each month even though we both earn a decent wage.
This was all done in the hope that after two years we would be able to saddle some of this onto the mortgage when we came to change and we would have more disposable income. However we are coming up to that time now and I don't think this is going to be possible because the valuation of the house has gone down and the LTV for re-mortgage is only 85% rather than the 90% we expected. We currently stand at 82% which us would give us about an extra 10,000 which is OK but wouldn't really cover anywhere near what we owe!.
However I don't think we would even get this as the process for getting addtional borrowing involves an affordabilty assessment which I'm worried we would fail due to their size of our debts. What we want to do is transfer the debt into mortgage and then we would be able to afford more but it seems like a vicious circle of too much debt so consolidate it. Has anyone got any advice and experience in this area.

handytips

debt consolidation is capped at 75% by the vast majority of lenders, however you may be eligible for a secured loan up to 90%. pm me

dimbo61

What does you mortgage now revert to ?
Is it less than your current rate ?
There is no easy way to sort your money problems
You need to cut back on spending and increase your income

CodyCalling74

The mortgage reverts to the standard variable rate which is more than what we're paying now. However they have offered us a new deal which is less but it means we can only transfer a small part of the debt onto it even if we're accepted for additional borrowing. We're looking for a new mortgage which will allow us to transfer more. We have spoke to an IFA and he has initially given us two example products, one from Accord and one from Skipton, which allow us 85% and 90% LTV respectively.

Our problem is that the IFA will charge a fee and at the end of the day might not be able to get us the deal we want. Any advice on whether we should got for a fee IFA or non fee.