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Can I take out a mortgage on a property I own outright?
moneynoob
Posts: 2 Newbie
Basically I am repaying some credit cards, overdrafts and a personal unsecured loan. These accounts unfortunaly got passed to collection agencies but I have negotiated monthly repayments with them, which have been kept to for approx the last 6 months.
I would like to know if I would be able to obtain a mortgage on the property I currently own to clear these debts and take advantage of the much lower monthly repayment. I am in full time employment taking approx £31k per year before tax.
Current property is valued at approx £300k with NO mortgage, I would be looking to borrow around £30,000 to clear £25,000 of unsecured credit, the remainder is for home improvement as we plan to move within a year.
I would like to know if I would be able to obtain a mortgage on the property I currently own to clear these debts and take advantage of the much lower monthly repayment. I am in full time employment taking approx £31k per year before tax.
Current property is valued at approx £300k with NO mortgage, I would be looking to borrow around £30,000 to clear £25,000 of unsecured credit, the remainder is for home improvement as we plan to move within a year.
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Comments
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Yes you can do
The rate offered will depend very much on what your credit history is like.
If you are thinking of selling make sure you have got a scheme with no penalties attached to it
HTHI am a Mortgage AdviserYou 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
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