Good mortgage lenders for debt consolidation?

virtualinsanity

Hi,

I'm in a good position, financially, but apparently this means I'm rubbing people's noses in it.

I was looking to re-mortgage with my current bank (HSBC), but cos this forum is full of people who are quick to judge, it was useless posting any request for help!

libf

I think rather than looking at shifting the debt around you should be looking at cutting back on spending and using your income to clear your debts.

Thrugelmir

The issue for any lender is going to be the way you manage your monetary affairs. Personally I would suggest a spring clean of your finances as a first step.

virtualinsanity

Thrugelmir wrote: »

The issue for any lender is going to be the way you manage your monetary affairs. Personally I would suggest a spring clean of your finances as a first step.

Thanks - what do you mean a spring clean sorry?

virtualinsanity

libf wrote: »

I think rather than looking at shifting the debt around you should be looking at cutting back on spending and using your income to clear your debts.

Thanks but my choice is not decrease my spending.

cakeforbrains

With an annual salary of £140k pa you should be bringing home up to £7000 per month (not counting pension payments). It doesn't sound like you've got a hugely expensive mortgage (£1000-£1500 pm?).

Could you not afford £3000 per month or so to pay back the £25k by next spring? This would save you a tonne of interest versus mortgaging it/leaving it on cards.

Thrugelmir

virtualinsanity wrote: »

Thanks but my choice is not decrease my spending.

That's the concern that lenders may have also. Debt consolidation more often or not doesn't work. Suggest you try a broker as they'll be best placed to recommend a lender.

libf

virtualinsanity wrote: »

Thanks but my choice is not decrease my spending.

Then you'll probably only have another £25k of credit card debt again in a few years time... Good luck.

lee111s

You're on 140k per year and are seriously considering turning £25k of unsecured debt into secured debt simply because you can't be bothered to stop spending so much money?


What happens if you do bundle it into your mortgage and then in a few years time end up with another £25 of unsecured debt?


Doesn't really bode well for the future does it....

virtualinsanity

lee111s wrote: »

You're on 140k per year and are seriously considering turning £25k of unsecured debt into secured debt simply because you can't be bothered to stop spending so much money?


What happens if you do bundle it into your mortgage and then in a few years time end up with another £25 of unsecured debt?


Doesn't really bode well for the future does it....

wow - because I 'can't be bothered'? - you know naff-all about my personal circumstances, so go annoy someone else with your embittered, judgemental posts...

nearlyrich

Get on the Debt Free Wannabe board below you can find the link to do a statement of affairs, even people with big salaries need to know how much they are spending as you can only spend it once.


http://www.stoozing.com/calculator/soa.php

At the end format for MSE
If you want to post this on DFW there are people who have been where you are now and got out of debt, earning £140k you won't need to scrimp and save pennies but you could find ways to pay less interest.