Remortgaging from interest only and to clear debt

humptydum

Hi, I'm after some advice please.................
We are currently on an interest only mortgage and with my OH turning 50 we would like to change to a repayment mortgage. We have equity in the property of about £230k and was hoping to clear debt of around 80k ......I realise that's massive, but we got into trouble about 6 years ago when my OH was self employed and the recession hit. We then had a debt of 60k all on credit cards/overdrafts and was advised to pay token payment £5 to each of them which we have since. Last year I was off sick for a year and then we got into more debt trying to cover mortgage/bills etc, we took out more credit cards to pay bills and keep the roof over our head. Hence 80k shocking I know. We have not defaulted on any mortgage or essential bill payment but just on credit cards so we have a very poor credit rating. I realise it would be risky putting unsecured debt to secured debt but have no idea how to pay back this amount without consolidating. If you have a poor credit history is there any way round getting a mortgage? Apart from selling my home to pay off the debts, and then starting again.....how else can we manage it? If we did sell and pay off the debt, how long are the debts on your credit report for? Our concern is when the term is up for our mortgage (9yrs) we will not have the funds for the house and our debt will not be paid off and we will be too old to get a mortgage. We have 3 children too.


Thank you in advance for your replies.