Best Lender for my circumstance

Tron1969

question deleted

ACG

Most will do it at that LTV.

Either speak to a broker or do some searches yourself to find a deal you are happy with and ask if they would be happy to accept the debt will be paid off with the mortgage.

Foxy-Stoat_3

The broker WILL assess your affordability as your debt is £0.00 as the funds will have to go to paying the unsecured debt off completely. The lender/solicitor will probably issue cheques for the balances anyway so you won't get to see any of the money.

Your broker will be able to know which lenders to go to as some will only lend the equity for consolidating if THEY think its affordable to pay back over a certain number of years.

ie. Halifax will only let you borrow to consolidate an amount that their computer thinks is affordable to pay back over 7 years.

Dave_Ham

There are a few considerations here and you are likely to need someone who is experienced to ensure this goes through.


For example, Santander assume all credit will remain post completion and work their affordability as such so almost certainly not one for them.


There are other lenders with similar criteria, so just ask a lot of questions confidently if going directly or more sensibly just engage a broker.

Tron1969

I was thinking of using a broker so you have confirmed what I thought. I was going to try with the Nationwide but was unsure what their policy was but I will appoint a broker.

I bank with Santander and went to them originally but they wouldn't touch me on affordability as they didn't take into consideration debt being paid off.

kingstreet

Nationwide won't like this.

Current unsecured credit exceeds salary. That's normally a policy decline before credit scoring, IIRC.

A broker will have to do some work on this.

Tron1969

kingstreet wrote: »

Nationwide won't like this.

Current unsecured credit exceeds salary. That's normally a policy decline before credit scoring, IIRC.

A broker will have to do some work on this.

Would that be a Policy decline with most highstreet lenders?

Dave_Ham

Agreed, many lenders wont like but subject to the absolute detail would still expect a solution.

Tron1969

which highstreet lenders would be most likely to accept this? I want to go into this armed with as much information as possible so I can make the right choice from the broker

Dave_Ham

The broker you engage needs to review all of the specific information and then provide the most appropriate, formal advice.


You will not get this answer on here, maybe ill informed people guessing but that will be it..


Best of luck

Foxy-Stoat_3

Tron1969 wrote: »

which highstreet lenders would be most likely to accept this? I want to go into this armed with as much information as possible so I can make the right choice from the broker

Arrr, this is where a broker will be your friend here. Best leave them to do their job as they will be in the best position to advise you, rather than you giving them advice.