Consolidate debt with mortgage?

AshCash

Thanks, but as I've already said, I'm not likely to get approved for any further credit cards, so there will be no stoozing. And again, this isn't about becoming debt free, it is about getting approved to port a mortgage within six months.

Debtslayer

AshCash wrote: »

Thanks, but as I've already said, I'm not likely to get approved for any further credit cards, so there will be no stoozing. And again, this isn't about becoming debt free, it is about getting approved to port a mortgage within six months.

But surely you can see that the both go together?
Unless you seriously pay down your debts you won't be able to move / port your mortgage

getmore4less

0% purchase cards can be a good option no up front and free up cash flow to hit the higher rate.

If you can kill that £10k on 9.9% in 6 month things will look at lot better anyway the lower the rate you can get the quicker it goes and more to put on the other debts.

With a 6 month plan I would get some of that debt on to lower rates.

Also a 6 month min/no spends strategy, cut out everything as the goal is moving and cash preservation debt reduction is the key to making that happen.

Even start the declutter and use the time to sell stuff rather than just get rid because you no longer want it.

Should have over £4kpm coming in with some self employment and spread over 2 incomes.

Mortgage 3% over 20y £700pm live on £1300 £2kpm to hit the debts

suzikettles

we are in a very similar position for very similar reasons and wanted to do the same I carry the debt and am only able to make the minimum repayments now, and I cannot get any 0% deals We would be much better off and our situation has changed and we know we will never be in the same situation again. I can fully understand your frustration. Today our application was turned down due to the underwriter saying that we did not pay our mortgage regularly enough and my OH had phoned a couple of times to pay it instead of the DD being out of his account.
we wanted to put 50000 onto our mortgage and use some to pay debt and some to do DIY - yes genuinely do up the house ........ our house is worth 210000 and our mortage is 90000 good luck with your application hope its better than ours was!

AshCash

I have a follow up question.I spoke to Natwest about my concerns over porting the mortgage with large debt outgoings. The person I spoke to said that as long as we intended on paying off the debt with the profit of our current property, it would be put in a 'special box' and would not count towards our outgoings.

Does this sound right? It should be right, because we are writing off those outgoings at the point of sale, BUT the application to port takes place before the sale of the house, so how can they base their decision on what the house MIGHT sell for, when in fact, it may go for less (meaning we can't pat off all of the debt that we said we would when applying to port the mortgage).

Really hope this makes sense - I'm not very good at explaining stuff!

Thrugelmir

AshCash wrote: »

BUT the application to port takes place before the sale of the house,

You'll need to sell your own house ( have a committed buyer) before proceeding with your own purchase. So you'll know the selling price along with the price of the new property.

Given the costs and hassle involved. Maybe better to simply focus all your energy on repaying debt over the next 12 months.