Advice needed on what road to take!

gloria22

Im not sure if this is the right place to ask this question but here goes!

We are wanting to move house, we need something bigger now we have 2 children! We have a bad credit report (3 defaults).

We were wanting to borrow more money on our current mortgage £15,000 to pay off some debts and be able to buy a bigger house.Our outstanding mortgage is £80,000 and we have £50,000 in equity. Our current lender has declined us.

My question is, would I be better to try and get a secured loan so we can move to the house we want or sell our house, rent, pay off the current debts and get our credit rating better and buy a house at a later date?

Thrugelmir

Lenders in general aren't interested in advancing further funds for debt consolidation. So this is something you really need to tackle head on yourselves.

Suggest you pay a visit to the Debt Free Wannabe board. Plenty of support and advice from people on the board that have had their light bulb moment. Now tackling the root cause of their problems.

gloria22

Thrugelmir wrote: »

Lenders in general aren't interested in advancing further funds for debt consolidation. So this is something you really need to tackle head on yourselves.

Suggest you pay a visit to the Debt Free Wannabe board. Plenty of support and advice from people on the board that have had their light bulb moment. Now tackling the root cause of their problems.

Many thanks for replying, Ill nip over there. and seek some advice.