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Moving home equity release/debt options
florita1
Posts: 52 Forumite
Edited because I'm worried about being identified!
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Comments
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When we last remortgaged with Virgin we released some equity to pay credit cards, will this be a problem? Do they look at previous applications? Will it look bad that we have accumulated more credit card debt?
Did you use the released equity to repay the debt? Your credit history is very revealing. As there's a host of data that'll leave a trail.0 -
If you keep getting into debt you are stretching yourselves and borrowing more than you can afford.
Effectively you are using new debt to pay your mortgage if you keep doing it.
how long since the last consolidation and how much last time0 -
When we last remortgaged with Virgin we released some equity to pay credit cards, will this be a problem? Do they look at previous applications? Will it look bad that we have accumulated more credit card debt?
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It should certainly look bad to you. Not a good practice to be making a habit of. Are you likely to repeat again once you've fooled yourselves into thinking you've got rid of your debt, which of course you didn't.0 -
looks like thee last re-mortgage/equity release was Jan 20150
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As above...0
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As above...0
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AnotherJoe wrote: »When we last remortgaged with Virgin we released some equity to pay credit cards, will this be a problem? Do they look at previous applications? Will it look bad that we have accumulated more credit card debt?
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It should certainly look bad to you. Not a good practice to be making a habit of. Are you likely to repeat again once you've fooled yourselves into thinking you've got rid of your debt, which of course you didn't.
Im not going to make excuses, we are idiots for allowing ourselves to get into this situation and I hope weve learned our lesson. we have stopped using credit cards and are paying back at £700 per month.0 -
As above...0
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We could stay until we've paid it off but would prefer to move as we've outgrown this property.
Just wondering what our chances are
Get a broker and you will have a more definitive answer, considering your debts and having more in future, is it wise to saddle yourself with a higher mortgage?
Are you truly honest with yourself if you can afford more?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
As above...0
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