Consolidation Loan Help Required

QOTD

I 'm in a predicament! I am trying to move house however the mortgage lenders wont give me the mortgage unless I consolidate my existing loan and credit card debts, along with my partners credit card debt. In total this amounts to approx £22k.

I have such a large loan at the moment (approx £48k) which I will be paying off when I sell my house. Unfortunately all these loans and credit card debts are on my record and now I'm asking for a loan of £25k I am being refused.

I'm afraid that my house sale is going to fall through now just about two weeks before I'm due to move as I need to have this consolidation loan in place before they will give me the mortgage offer. I don't want to consolidate as I have just applied for a very low rate credit card (5.9% life balance) that I wanted to transfer as much debt as possible to and then negotiate a low rate on my cleared card to move another balance to (I currently have three cards, two with debt and one clear ready to do a round Robin!)

Does anyone have any advice as to where I am likely to get an unsecured (if possible) loan for £25k when I have just been refused by two lenders (and one was my own bank :mad: )

jonesMUFCforever

It begs the question what has it got to do with the mortgage lender??
You have debt now and will have the same amount of debt when you consolidate (albeit in one place).

Is there no way that you can get an increased mortgage to cover most of these debts?
Do you actually have a written offer from the mortgage company and does it actually state these terms?
If you have already been turned down by two lenders in a very short space of time any more applications is likely to make matters worse.

QOTD

Thanks ejones. They don't like the fact that the debt is on credit cards and therefore potentially not being ppaid off! My next recourse is for me to get one loan of a lower amount and my partner to get another - for them to total £25k.

The mortgage is 90% so they don't want to lend me any more............

Gwa_2

QOTD,

Sorry to hear about your predicament. I am in a similar one. The reasons I have been given for not getting an unsecured loan from my bank is that if they lend me that large amount (in my case it is 25K), my income will not enable me to pay off the current debts plus the new loan. Basically it comes down to the fact that they can't ensure you will pay off your debts with the new loan.

This has proved to be a massively frustrating point for me as I am not generally irresponsible with my money it has just been a catalogue of nightmares that has left me in the position I am in.

One thing I will say though is that you do NOT want to keep reapplying for loans. It will decimate your credit rating.

You have my sympathy and I hope you keep us posted (pardon the pun).

Gwa