We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Equity
kay1432
Posts: 2 Newbie
I am trying to use equity on my mortgage to clear debt.
I have a property rented out. There is about £12000 left to pay on the mortgage and the property is worth in excess of £60000.
I have tried to remortgage with my existing lender and they have turned me down. Saying that I don't fall within that lenders criteria for lending on that property.
i know that financially I am going to get deeper and deeper in to debt
if I don't bring my monthly outgoings down.
Help me please
I have a property rented out. There is about £12000 left to pay on the mortgage and the property is worth in excess of £60000.
I have tried to remortgage with my existing lender and they have turned me down. Saying that I don't fall within that lenders criteria for lending on that property.
i know that financially I am going to get deeper and deeper in to debt
if I don't bring my monthly outgoings down.
Help me please
0
Comments
-
Sell the property you let to clear your debts. Transferring the debt doesn't resolve the underlying issues from the lenders perspective. Debt consolidation doesn't fit all lenders criteria.0
-
You don't have to sell the property. Consult a good mortgage broker and they will sort you out.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you my friends x0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards