Help...£55K loan/credit card debt...£100K Equity...Remortgage?

sporting_gibbon

Hi all,


We need some help.


We (wife and I) have bank loans and credit cards totalling £55K.


We have around £100K of equity in our property based on 2 recent valuations (this is a achievable figure).


Currently we have £113K mortgage outstanding....and a house valued at £215K.


I assume the best idea would be a £168K remortgage. The LTV would be around 78%.


When approaching our current mortgage provider we have been advised they do not offer any more than £10K for debt consolidation.


Our credit ratings are fair/good. No missed payments anywhere but obviously high balances.


We'd be happy to go to a new mortgage provider, but don't want to get rejected.


We just want to have one mortgage payment per month and cut up all those cards/loans for good.


Any advise on the best way to proceed and suggestions on who to use would be appreciated.


Thanks in advance,


Dave

TBeckett100

Fiver says someone says "speak to a broker"

Halifax may do it as the disregard debt to be gone on completion but that depends on your credit history and income

betmunch

TBeckett100 wrote: »

Fiver says someone says "speak to a broker"

Halifax may do it as the disregard debt to be gone on completion but that depends on your credit history and income

Why wouldn't you speak to a broker about this?

Do Halifax have the best rates available to the OP?

amnblog

Option One


Take a wild guess at a Lender.




Option Two


Beckett wins a fiver.

sporting_gibbon

Betmunch....as a mortgage adviser what would you suggest is our best option?

shortchanged_2

TBeckett100 wrote: »

Fiver says someone says "speak to a broker"

Halifax may do it as the disregard debt to be gone on completion but that depends on your credit history and income

I'll take your fiver and raise you a million.

sporting_gibbon

amnblog....as a mortgage adviser what would you suggest is our best option?

betmunch

sporting_gibbon wrote: »

Betmunch....as a mortgage adviser what would you suggest is our best option?

Best option is to do a full fact find with an advisor and get them to recommend a lender when they know your full situation.

That kind of debt consolidation is not straight forward as most lenders set limits on what they will accept.

I would expect there is a solution for you though

Paully232000

Why wouldn't you speak to a mortgage broker?
We paid £299 for our mortgage broker, and when you compare that to the amount of interest you must be paying per month/year got to be worth it to get a better interest rate on your loans/cards.