Borrow more remortgage or new product

Promisedland

Hi,



I want to take use the extra value the house has gained to pay off debts (I understand financial cost over the years). Do you see any flaws in my logic? Would Halifax allow this if I were to choose a new product or do I need to remortgage with a new lender? If I go with a new lender do I need to tell them why I wou be borrow £rather than the current outstanding amount of ?

I’m a bit confused as you can probably tell, any help is appreciated. Thank you

foxy-stoat

I spoke to Halifax a few years ago about debt consolidation and back then they would only allow it if the total LTV was less than 75%, and I was able to pay off the additional borrowing after 7 years.

Apart from turning unsecured debt into secured debt,
Turning 0% interest debt into paying interest debt,
Stretching the payment term of debt,
Nothing wrong in what you are trying to do, but only if you can cancel all the credit cards and never borrow money on credit cards/loans again - save for everything, budget properly.....or you'll be back in a worse position in a few years time.

Dont do it, try and overpay, sell everything that you dont need, do the PPI refund thing, down value the car(s).