Re-mortgage and additional borrowing

gfy2015

Hi, really hope someone can help me.

I am currently unemployed, and am struggling to find a role that works around childcare (been offered 4 jobs in the care sector only to then be told they cannot accomodate my hours since my 4 year old started school in September). My Wife works full time as a Nurse.

Due to my lack of income we want to consolidate card, loan and mortgate into one and pay for it through my Wife's income.

Mortgage (£32k) is in my name only currently (recently married), have a small loan (£7k), credit cards (£18k), plus Wife's £23k loan.

Bank tells us it cannot help - computer says no - even though transferring the debt into one lump can be easily accomodated by wife's salary leaving us with a £700 surplus which could go to savings, make extra payments, etc.

11k of the credit cards in 0% till Jan 2016.

As the bank says no - what other avenue's are available - without ridiculous repayments?

Hope someone can advise.

Thanks in advance.

Thrugelmir

What's the value of your property?

gfy2015

Sale value is circa £145,000

Thrugelmir

Then a secured loan may be an option. The big caveat with debt consolidation is that it provides the answer no the solution. Hence why mainstream lenders are reluctant to lend. As more often or not the same problem arises at a later date.

gfy2015

Thanks, much appreciated.

Have since inherited a property so that might give me BTL options.

GMS

What is your wifes income?

BTL without emloyment and a track record of being a landlord won't be easy. Is this in joint names or yours solely?

Value of the property and monthly rent?

Worth having a chat with a broker to see what could be done for you.

Foxy-Stoat_3

gfy2015 wrote: »

Have since inherited a property so that might give me BTL options.

You have inherited a property since your opening post? Nice one!

I would sell that and clear your joint unsecured debts of £48K and possibly your mortgage of £32K....another one solved !

Thrugelmir

gfy2015 wrote: »

Have since inherited a property so that might give me BTL options.

Alternatively sell the property, settle your debts and make a fresh start.