Use an unencumbered property to pay off debts?

Chunky_Russell

That's fair enough. Is there any way of finding out myself which lenders were more likely to approve a mortgage based on my situation/purpose of loan?

.....or would you suggest speaking to a Mortgage Broker?

ACG

It comes down to whether you want to do the donkey work or not. If you are happy doing it, then its a case of checking criteria online or calling the lenders directly. If not, then using a broker.

Chunky_Russell

Ok....will look at this again in a month or two to see what my options are. Thanks again ACG.

Thrugelmir

Chunky_Russell wrote: »

That's fair enough. Is there any way of finding out myself which lenders were more likely to approve a mortgage based on my situation/purpose of loan?

From a lenders perspective history would appear to be repeating itself.

Just after some info as I'm looking into taking out a mortgage on my property to pay off debt & raise some capital.

The debt has built up over the years...car purchase, home improvements on a previous property etc.

That's why all lenders will have internal policies (set at board level) for such scenarios. Lenders won't wish to fall foul of the regulators. Given they have a requirement to lend responsibily together with having a duty of care towards their borrowers. There's no need for lenders to chase business on the mortgage front. As their other arms cater perfectly well for the riskier lending markets.

Chunky_Russell

Ok so you’re saying that I’m unlikely to get approved for a mortgage based on my situation?