PG refinance help

FESM

Hi
This is my first post so any advise would be helpful.
My company which traded for 20 years has gone into liquidation due to a customer bad debt.
I am mortgage free and have got new employment.
The company had a loan from the Funding Circle which I have a PG for and would like to raise a mortgage to cover my debts. The loan required is 75 LTV. Have only talked to mortgage brokers who can not secure a mortgage due to the fact that this is to repay a business loan.
Am concerned about speaking to a bank or building society direct incase it affects my credit score.
I can not be the only person this has happened to but can not see any similar threads.

National_Debtline

Hi FESM and welcome to MSE,


I think you are on the right track by speaking to brokers, a key issue may be whether or not they are independent. If not, then shop around and talk to some more. You could also consider some independent financial advice, just be careful that this can cost money.


Banks are quite focused on affordability now (as well as credit ratings), typically they won't lend beyond retirement age (so that has to be considered as well), and will consider the risk factors of what the money is for - debt can be classed as a higher risk. There are lots of different online mortgage calculators you can use to get a rough idea.


But failing all of this, I think your only other choice would be to approach a bank a test the waters. Even if you are declined, I can't see what else they could add to your credit file, other than a 'search', which is normally only visible for 12months. Good luck,


Laura
@natdebtline

FESM

Dear Laura

Thank you for your reply age and affordability is not the problem but what the debt is.

I have gone to a few brokers and one recommended HSBC via branch as a Bank they are more helpful with the fact that it was a business loan.

I shall update how I get along as I cant believe I am the only person with this problem.

FESM