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remortgage

cheryl27759
cheryl27759 Posts: 1 Newbie
edited 9 February 2015 at 3:58PM in Mortgages & endowments
i own my property (no mortgage) house worth approx £130 and would like to borrow £15k against it to pay off loan and home improvements (hopefully over 15 years). I am aged 55 and on a debt management plan. Is there any way I am going to be able to borrow please?

Comments

  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    yes, if you consultant an independent mortgage broker experienced in poor credit cases.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    cheryl27759 wrote: »
    i own my property (no mortgage) house worth approx £130 and would like to borrow £15k against it to pay off loan and home improvements (hopefully over 15 years). I am aged 55 and on a debt management plan. Is there any way I am going to be able to borrow please?
    It's possible but the total cost would be much more than just staying on your DMP as long as at least some of the interest is frozen (and your dmp manager isn't charging fees) then I'd leave it as it is.

    If you need money to maintain your house for important repairs then you can reduce what you pay towards your DMP until the repairs have been paid off.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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