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remortgage advice please
_nicola_
Posts: 2 Newbie
I hoping for some general advice.
I own a house worth around £235,000 which is in need urgent necessary repairs (rewiring, new windows, kitchen) and would benefit from some cosmetic ones too.
I have debts (credit card, store card, loan, overdraft) totaling £9,000 and £10,000 in savings.
I'm 54, work full time, and earn £18,000 (excluding tax credits, child support, child benefit).
Were I to pay off the debts is it likely I'd be able to remortgage for £20,000 and use that money for a refurbishment?
I'm worried I pay the debts, find myself unable to secure a mortgage and the house falls down around my ears!
Many thanks
I own a house worth around £235,000 which is in need urgent necessary repairs (rewiring, new windows, kitchen) and would benefit from some cosmetic ones too.
I have debts (credit card, store card, loan, overdraft) totaling £9,000 and £10,000 in savings.
I'm 54, work full time, and earn £18,000 (excluding tax credits, child support, child benefit).
Were I to pay off the debts is it likely I'd be able to remortgage for £20,000 and use that money for a refurbishment?
I'm worried I pay the debts, find myself unable to secure a mortgage and the house falls down around my ears!
Many thanks
0
Comments
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Use a lender that will accept the cards being paid off at completion so that you don't have to pay them if the application failsI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
As above, but select a lender who will accept a 50% income to debt ratio as the lender will be able to see your debts but not your savings. Best see a broker.0
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