Equity release

Molly630

Hi we have 100k left on our mortgage and the property's market value is 220k so there is a fair chunk of equity in the house. Problem is my credit rating on experian is poor is there any way we could release some of the equity in the house looking to release around 6-8k

Senior_Paper_Monitor

age/income/employment status and history/details of 'poor'/reason for extra borrowing/other debt are the first block of information needed to begin to answer

Molly630

52 .....25k...... Self employed builder....in debt management for credit cards etc...essential house repairs

Annisele

Does "essential" mean that if they're not done, the house will be damaged and the lender's security will be at risk?

Senior_Paper_Monitor

.... and the 'other debt' totals - is your debt management plan noted dependent upon not taking on 'other debt' ?


(This does not look good for additional borrowing on many counts I'm afraid)

Thrugelmir

Molly630 wrote: »

in debt management for credit cards

If you are unable to repay what you've previously borrowed. Then no lender will consider you as it'll be regarded as irresponsible lending on their part.