Re-mortgage

lewispendleton

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

kingstreet

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.