Any advice greatly received!

Ryelle

Hi
I’m new to this so pls bare with me!
We’ve currently got a mortgage for £135k and our house has been valued by mortgage provider at £300k so currently have a good LTV rate. However we have debts amounting to £80k from renovating the property which come to £1k a month. We’ve worked out that if we could add this debt to our mortgage we could have a life (although would end up paying more back in interest over the length of the mortgage). However we’ve been told it’s unlikely to be given based on affordability and still showing the outgoings for loans n cc’s.
Is there any way around this? Any info greatly received xxx

Bermonia

Speak with a good broker.

Edi81

Too little information.

Your salaries and other ongoing commitments eg dependents are going to come into play here.

A broker is a good start.

Ryelle

Our combined salary is £64k and if we consolidated the debt we wouldn’t have any other outgoings

Xyzzy

From what you've said it sounds reasonable. When (most) lenders calculate affordability they can take into account the fact that debts will be paid off. A clause is then included in your mortgage offer stipulating that said debts must be repaid on completion

Xyzzy

Also, you don't need a broker for that. They usually want a fee and it seems simple enough. I think half the people on this forum are brokers. Get an AIP from a lender direct, which you dont have to pay for first of all. Almost all lenders will only do a soft credit search at that stage anyway so you have absolutely nothing to lose