Re-Mortgaging a property owned outright

LJC17

Hi there

Am looking for some advice regarding re-mortgaging a property that my partner owns outright. It is worth around 220K and he is looking to re-mortgage for about 30-40k which seems like it should be fairly simple!? To cut a long story short we did some work to the house at the end of last year which in hindsight we should have remortgaged for at the time followed by a period of ill health for my partner resulting in him being off work for a few months has resulted in some larger than he would like credit card bills and some debts he wants to clear. He is now employed and has atleast 3 months bank statements showing his earnings but has spoken to his bank about it and was told he is actually in a worse position to remortgage than if he had an existing one?! Is this right or is it because he is looking to borrow the money to pay of some debts? We are looking to sell at some point next year aswell if that makes any difference?

Any advice on the best way to remortgage would be gratefully received
LJ

kingstreet

It's a remortgage of an unencumbered property for debt consolidation. Some lenders won't do it, as you have found.

There are plenty who will.

Sleeves up and research, or independent broker job.