Finding it hard to debt consolidate

lookingtomakeachange

I have a full time job a credit score of 512 i have £20k of debt spread over one loan and a varuois credit cards. I have a mortgage of £102000 the property this is for is valued at £120000 i want to take the £20k and take 1 loan for £20k spread over 20 years inline with my mortgage payment. Why is it so hard to do this??? Amyone help me?

pelirocco

Bumping this up

~Beanie~

I seriously doubt that you will be able to get the loan that you want.

How much do you earn? As a very general rule of thumb, lenders won't usually lend more than 50% of your annual income.

They will also add the amount that you want to borrow to the amount you already owe and so will class your potential borrowing as £40,000. Even though you want to lend the £20,000 to repay existing debts, there is no way of ensuring that you will and so lenders work on a 'worst case scenario' and assume that you won't repay existing debts. Also 20 years is a very long time for debt consolidation.

What do you mean by 'inline with my mortgage payments'? If you are thinking of adding the £20,000 to your mortgage then you won't be able to do this as you don't have enough equity.

Maybe post an SOA (statement of affairs) up on here and see if anyone has any suggestions.