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Re-Mortgage Chances
rivertom
Posts: 14 Forumite
Just wondered if anyone had any experiences of this scenairo;
Me and my parents each own 1/3rd of the family home and are all on the mortgage deeds. For one reason or another I (son) have racked up an unsecured debt (cred cards + 1 loan) of approx £23k.
We have the house worth £210k and a mortgage of £153k. Looking to raise the £23k to clear off my debt, 80% will probably be the highest we can get - even that seems high for lenders to agree? Has anyone gone down the 2nd charge loan route?
I don't think my credit rating is the best but I've never missed any payment. My parents credit files are both very good. I'm aware the additional lending will be on all of us, which is all fine.
Is the remortgage or 2nd charge loan the best way to go?
Me and my parents each own 1/3rd of the family home and are all on the mortgage deeds. For one reason or another I (son) have racked up an unsecured debt (cred cards + 1 loan) of approx £23k.
We have the house worth £210k and a mortgage of £153k. Looking to raise the £23k to clear off my debt, 80% will probably be the highest we can get - even that seems high for lenders to agree? Has anyone gone down the 2nd charge loan route?
I don't think my credit rating is the best but I've never missed any payment. My parents credit files are both very good. I'm aware the additional lending will be on all of us, which is all fine.
Is the remortgage or 2nd charge loan the best way to go?
0
Comments
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You could have continued your existing thread;-
https://forums.moneysavingexpert.com/discussion/comment/63761564#Comment_63761564
You need to look at the options and determine which is best for you, based on costs/terms etc.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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