Re-mortgaging for self-employed/public sector couple

niddy

Hi,
We haven't re-mortgaged since the bad-old-days (2007) when you could just declare an income to get a mortgage. Now I have a teaching contract on £31k a year, but my husband's business has only been showing a profit of around £15000 pa over the last 6 years. What hope have we of increasing our mortgage from £100k to about £112000 to consolidate debts? The house is worth about £230K.

Thrugelmir

Debt consolidation is not as easy as it once was. Best to approach a broker for advice as to which lenders to approach given your specific circumstances.

Also worth trying the Debt Free Wannabe board for mutual support and advice. Many on there have had their light bulb moment and are tackling their debt problems head on.

ACG

£46k income and borrowing of £112k i wouldnt have thought would be a huge problem - depends on your ages other expenses etc but in the main it seems quite possible.