Lenders with 77% LTV

savgeax

A little help would be handy please.

House worth 315k
Outstanding balance 227k.

Would like to borrow 14k to clear off some existing debt (I am aware of the conditions with regards to debt)

Only thing is outstanding is a car loan £196 per month and a credit card of £3000 (£68per month).

Natwest my current lender will not touch me based on the calculators. They will not lend me any additional money.

I think the LTV is 77%. Anyone else maybe I could try?

Your help would be much appreciated.

somethingcorporate

Go and see a broker

savgeax

Done it. L&C state that they cannot find anything.

Virgin Money and Santander both state they will lend to 80% though?

kingstreet

NatWest are saying your income does not indicate that level of borrowing would be affordable?

That's not got much to do with loan to value, but with what you earn, or your outgoings.

You want to borrow £241k on a value of £315k and you will repay the car finance and card balance from within that?

What's your income and do you have dependents, maintenance etc or any other large outgoings?

savgeax

My wife has a loan and cc which has a 14k debt. Thus want to borrow to pay it off.

I'm on 27900 plus £1200 overtime. Wife is on 27500 plus 500 overtime.

No dependants. Usual bills. Nothing high.
Car bills £100pm
Council tax £170pm
Food £200
TV etc £100

kingstreet

On basics alone, you should be able to borrow £240k over 13 years or longer, using one lender's affordability calculator.

The LTV is under 80% which should be alright for debt consolidation, so I'm not sure where the problem lies.

It may be worth speaking to a more experienced whole market broker with an interest in actually getting the case through. It may take too much time and effort for some of the fee-free ones to be interested.

savgeax

It would be over 25yrs.

L&C are struggling, and they are generally regarded as the best. So........interesting to know what the problem might be, if on the outside it looks good.

kingstreet

savgeax wrote: »

L&C are struggling, and they are generally regarded as the best

Really? By whom? L&C?

I'm sure every broker thinks they are the best at what they do and I can say I'm one who thinks just that.

There are other brokers on here whose views I respect and would be better than me at what they do, but I don't know anyone who knows our market better than us.

Hopefully, you'll get one or two other replies as the day passes.