Remortgaging to clear debt

pagan1234

Hi, We have been on a DMP now for 11 years, we have approx. 60k equity in our house, and our debt is approx 17k. We would like to remortgage to clear our outstanding debt and so come out of the DMP completely. Having read through some of the posts on here, my understanding is most high street banks will not deal with us, so my question is can anyone recommend anywhere who will consider us for a remortgage. We have never missed a mortgage payment so not in arrears with that. All of the debt is unsecured debt. Thanks in advance of any help.

lilyp

As someone who was in a similar situation I would say your only hope is your current mortgage lender. They will at least be able to see that you have kept regular payments. Try them first.

It's also worth talking to whoever you can and getting them to do soft searches for you. We were told no so many times. Had mortgage brokers tell me it was absolutely impossible for us to get a mortgage and then Natwest finally came good.

In our case the debt was all in my name but my partner had a bad credit history too. He had to take out the mortgage in his name and I had to sell him the house which cost a fortune in solicitors fees but saved me going bankrupt. So if you have anyone who trusts you enough to take out a mortgage in their name or go guarantor that could be another option.


Good luck. Once you get to the end of the tunnel - even if the debt is disguised as a mortgage- it really does get so much better.

pagan1234

Hi, Thanks for the reply unfortuneately going to our current mortgage lender isn't an option as its NRAM, who are not dealing with any new mortgages/remortgages.

lilyp

I would try natwest then. You can only ask

black_taxi_2

id get stuck in, target clear debt over 2/3 years