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Looking to remortgage but.......
Hello folks.
I have approx £110k equity in my house and including what I have outstanding on my mortgage (about £45k) I owe a total of 70k.
Last year we took a £15k loan secured on our house to do some home improvements such as double glazing and some garden/exterior stuff.
I want to move house and at the same time free up some of my equity to pay off my debts so the new mortgage would be partly for consolidation. It seems though that no lenders will give me a mortgage while there is another loan secured on the property, even though some of the new mortgage would be to pay this off.
I have tried to borrow the money to pay it off as an unsecured loan but even with an excellent credit score I have been refused by both Tesco and Nationwide.
Can anyone suggest anything or which banks are likely to entertain me. I don't want to apply for any more loans I might not get as that looks bad on my file.
Thanks
McG
I have approx £110k equity in my house and including what I have outstanding on my mortgage (about £45k) I owe a total of 70k.
Last year we took a £15k loan secured on our house to do some home improvements such as double glazing and some garden/exterior stuff.
I want to move house and at the same time free up some of my equity to pay off my debts so the new mortgage would be partly for consolidation. It seems though that no lenders will give me a mortgage while there is another loan secured on the property, even though some of the new mortgage would be to pay this off.
I have tried to borrow the money to pay it off as an unsecured loan but even with an excellent credit score I have been refused by both Tesco and Nationwide.
Can anyone suggest anything or which banks are likely to entertain me. I don't want to apply for any more loans I might not get as that looks bad on my file.
Thanks
McG
0
Comments
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Just a few things, you dont have an excellent credit score as lenders dont see it, only you can see it, its just a reflection of how your credit report looks to you and thats it. Yes you may pay off the secured loan but there is no guarantee you would actually do this.0
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Surely if the OP was to move house they wuold have to pay off the secured loan?
It's not like a personal loan which you may or may not choose to pay off.
(I'm guessing that I'm wrong, but I don't see why.)0 -
JimmyTheWig wrote: »Surely if the OP was to move house they wuold have to pay off the secured loan?
It's not like a personal loan which you may or may not choose to pay off.
(I'm guessing that I'm wrong, but I don't see why.)
Yes thats what I was thinking, was just going on what the OP said.0
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