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Re-mortgage
lewispendleton
Posts: 1 Newbie
Hi I was wondering if some one could give me some re-mortgage advice?
I bought a house a couple of years ago that required work and modernisation and I am now looking to re-mortgage as my fixed rate period has ended. During this time I have built up quite a lot of credit card debt spending on the house approximately £30k. I was looking to repay most of this on my re-mortgage as I am pretty much maxed out now and I am just about meeting the repayments. I believe that the house is now worth about £170k and I owe £105k on the property so approximately £65k equity.
Will I have a big problem consolidating these debts or when I try and re-mortgage will they take in to consideration that I will pay these off and my mortgage will be easily affordable?
Any help would be appreciated.
Thanks
I bought a house a couple of years ago that required work and modernisation and I am now looking to re-mortgage as my fixed rate period has ended. During this time I have built up quite a lot of credit card debt spending on the house approximately £30k. I was looking to repay most of this on my re-mortgage as I am pretty much maxed out now and I am just about meeting the repayments. I believe that the house is now worth about £170k and I owe £105k on the property so approximately £65k equity.
Will I have a big problem consolidating these debts or when I try and re-mortgage will they take in to consideration that I will pay these off and my mortgage will be easily affordable?
Any help would be appreciated.
Thanks
0
Comments
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You need to be careful of max loan to value with some lenders for debt consolidation remortgages.
You also need to be careful as there are a couple of lenders who will still tax affordability with the cost of debt, even if it is to be repaid, on or before completion of the remortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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