Looking for remortgage info

allan1979

Hi,

Long time lurker on these forums but its the first time I've registered. Anyway, I'm looking for some advice here on re-mortgages. I've accrued £28k of debt over the years and although I can pay the bills every month I am getting fed up of not having any spare cash left after everything is paid. My flat is valued at £90k and I have £56k left on the mortgage. I was thinking of re-mortgaging to £76k (the other £8k is on a mbna rate for life at 5.9%) and clearing the £20k of debt that is currently on cards and overdrafts. Does anyone have any recent experiance of applying for a re-mortgage to clear this kind of debt? My wages are about £38k a year including overtime. Any info would be great

Thanks in advance

jacobtheamish

Remortgaging for debt consolidation is fine with most lenders providing the LTV remains within each lenders criteria. Are you currently tied in with a lender? If so you may want to request a further advance to avoid early repayment charges. If you are on an SVR, I would suggest you speak to a Whole of Market broker who will happily sort out a remortgage with a suitable lender. It is important to note the risks associated with debt consolidation, particularly when adding unsecured debt to your mortgage.
Good luck

allan1979

Thanks for the reply,

No I'm not tied in, my deal finished with the Halifax two years ago and I went onto their S.V.R.
On a personal note, having no defaults on my credit record how easy is at the moment to get a re-mortgage offer?

Again thanks for your time