Remortgage on dmp to clear of debts and buy bigger house

Thrugelmir

emma5396 wrote: »

Iv not really explained myself well. We currently have a mortgage in situ already we have over 150k equity so by moving to bigger home and releasing some equity by paying off all of debts. All we wanted was to see if anyone in our position had a new mortgage accepted at all.
We have never missed a mortgage payment either

We can understand where you are coming from. Unfortunately lenders don't approach the matter from the same perspective. They are interested in your credit history over the preceding 6 years. Not just whether you've paid your mortgage on time. The concern for lenders is that you've managed to run up £50k of unaffordable debt. This you propose not to repay in full. In the process asking for a larger mortgage. Lenders primary concern, borne out by statistical analysis, is that you are likely to end up in financial trouble again in the future. The best lesson in life is resolve it oneself and learn from the experience. The easy way out doesn't work.

David_White

emma5396 wrote: »

Hi sorry if in the wrong place.
We have debts just under 50k. We have a mortgage and just had our home values at a lot more than we thought.
We want to buy bigger house and pay of the debts we have with full and final settlers if we can.
Just wondered if anyone else has been able to do this and if so what rates on mortgage did they get?

It is possible yes however the devil will be in the detail regarding income etc.

I'd expect rates between 4% - 6%.