Debt Consolidation

wannabeprudent

Hello All

Long time lurker and now in need of some advice.

I have a joint mortgage of £145,000 repayment with 22 years left to run on a house worth about £260,000

My income is £60,000 and partners is £6,500

We have about £45,000 in credit card and personal loans. Are there any lenders that would allow us to remortgage to £190,000 to consolidate our debts into one? We have never missed any payments and not overdrawn.

Many thanks in advance

amnblog

A number of lenders will consider this.

wannabeprudent

Thanks amnblog

I am going to speak to my lender Britannia but looking online it is unclear whether they accept this. I bank with Barclays so might also speak to them and also will speak to an advisor as well.

Which lenders are sympathetic to this that offer good 5 year fixed rates.

thanks

amnblog

We cannot recommend lenders without knowing your full situation.

Worth consulting a broker, this is the kind of case we could afford to do free of broker fees.

Thrugelmir

wannabeprudent wrote: »

We have never missed any payments and not overdrawn.

Of equal interest to lenders will be the data that they obtain from the Credit Reference Agencies. Which includes borrowing trends, roll over of 0% credit card balances, minimum payment only being made on credit cards etc.

So the more you can help yourselves prior to the application the better.

wannabeprudent

Hi. Just thought I would come back with an update.

Found a good broker in Jan who took time to know our situation and was looking at the Nationwide but wife's fixed term contract put paid to that idea. Broker suggested waiting until March when I was due a pay rise.

Fast forward to end of March. Looked at situation again and NatWest looking best option but some queries to clarify with NatWest BDM and got them on board. Then got DIP and full application then offer and completed remortgage this week with the full debt consolidation.

My broker truly showed the value of going to the broker and taking time to get the best deal for my circumstances. But was lucky we had the luxury of time as a remortgage.

Thanks for those who provided advice.