Mortgage advice

Morlou04

Hi folks looking for some advice please😀
My husband is looking to apply for a remortgage as our current
deal is due to expire.
We are worried about the new rules and don't know if
we would pass the new affordability checks.
Salary:£59,000
2 dependants - no child care costs
£8k credit cards
£190 council tax per month
£550 other monthly credit(car etc)
House is valued at £175,000
Would like to borrow £148,500
Would like to consolidate £8k cc debt


Thanks for any advice

ACG

I think you should be fine if you want to consolidate or not.

Bare in mind if you do consolidate the £8k will probably cost more in the long run as your paying it off over a longer period.

Check on lenders websites they tend to have calculators, or you can speak to a broker who will do it for you.

kingstreet

Use your chosen lender's online affordability calculator to check if the figures are about right.

Establish how accurate your value is by finding the recent (last 120 days) sold prices of similar property in the vicinity (within 0.5 miles) using something like this;-

http://www.rightmove.co.uk/house-prices.html

Check the maximum loan to value of your lender's capital raising/debt consolidation remortgage criteria.

Failing that, appoint an independent mortgage broker to do it for you. Ask friends and relatives for a recommendation.

Morlou04

Thanks very much for the quick replies😃

amnblog

Do not consolidate without using a broker. You will want some decent advice.