Woolwich additional borrowing for debt consolidation and home improvements

mustang1

Hi there

A couple of years ago, I gave up my job, rented out my property and spent most of my savings on a very long holiday. I had consent to let from Woolwich.

When I came back to England, I lived with my parents for several months as my mum wasn't very well and I wanted to be there with her.

Good new is that my mum fully recovered and I then found a new job moved back into my home but with 0% credit card debt of about £7,500. My tenants had been less than nice to my flat and whilst I've repainted everything myself, I'd really like to do some other home improvements - new carpets, works to the bathroom as the tenants didn't use the dehumidifier and there is some damp to the wall, a new bath.

I'm thinking of asking Woolwich for additional borrowing of £12,500 to cover both debt consolidation and home improvements. Their website doesn't say what their view is of debt consolidation so wondered if anyone here know.

Financials: Property worth £500,000. Mortgage is £215,000. I'm only 7 months into a new 5 year fix at 2.39% with Woolwich as a result of a product change having been with them for 4 years before that - I didn't ask for extra money at that time as I had only been in my new job for a month and unemployed for 14 months before that.


Salary is £68,800 and no other debt. Would be really grateful for thoughts as to whether Woolwich would be amenable or if they have a blanket no to additional borrowing for debt consolidation.

Sorry this post turned out longer than I planned!

Thanks

Trying_to_be_good

With that salary I'd hope you'd be able to clear your debt and save for your home improvements within 12 months without borrowing more - is that an option? Lenders don't like debt consolidation, though your circumstances are more favourable than most!

Glad your mum is better :-)

enjoyyourshoes

The interest charged over the time of the mortgage will far outweigh any short term hardship if you pay off debt within 12 months (£1250 per month plus interest). Reassess all your monthly costs with a view to liberating the amount required.?