remortage question

SunshineLondon

Hi Guys

i would really appreciate some advice on my situation- i will be able to remortgage soon when my 2 year fix is over

current mortgage outstanding £112k 2.34%
house value £360k (most houses in our area are actually selling for more than this)

i would like to borrow 135k to allow me to take some of the equity out and use it to pay off credit cards. due to some personal circumstances i have around 25k credit card debt. i stopped using the cards a couple of months ago, and will not be using them again,

i have no missed or late payments, no defaults or CCJs

salary is £31,400 plus child benefit of around £1600 p/a

i will be going to a broker soon, but just wondering what the professionals on here think about what my chances are ? im hoping the fact that i have over 200k equity in the house and the LTV is below 50% this would go in my favour

i should add that i completely understand the warning about not adding unsecured borrowing to mortgage and i have thought long and hard about this and i do feel this is the right decision for me.

thanks in advance for any advice!

Lilla_D

On the face of it, based on the details above, you should be fine. The devil is in the detail (e.g. not every lender will like it that your debt is relatively high compared to your income), but so far so good, so hope your meeting with the broker goes well.

AnotherJoe

Why not go for zero % cards and focus on paying them off rather than turning it into debt against your house that you’ll be paying back over 25 years ?