Mortgage Equity

kay1432

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

Thrugelmir

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.

amnblog

You don't have to sell the property. Consult a good mortgage broker and they will sort you out.

kay1432

Thank you my friends x