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Home improvement and debt consolidation

APK
Posts: 2 Newbie
I have a current mortgage with Santander, split across twoloan products. One on fixed rate til August and the other til December. I have aporox 200k worth of equity. I need to release 80k for home improvement and a further 70k for debt consolidation. How do I go about this? Santander website says it doesn't offer additional lending for debt consolidation. I am very unsure what my options are.
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Comments
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Suggest that you contact a mortgage broker. As there's obviously history behind £70k of debt. Applying for home improvements at the same time would flag questions in underwriters minds.0
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Both are very important.-1
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But I will be focused more on debt.-1
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Debt consolidation is rarely a good idea. I am so grateful the bank prevented me from doing this when I wanted to. Go over to the debt free wannabee board and get help clearing the 70K.
Banks will be very unlikely to give you £80K for home improvements when you have £70K in debt.Light Bulb Moment 13/09/17: Non- Mortgage Debt £42295; 01/04/19: £13645; 01/10/19: £9707; 01/11/19: £5525; 14/01/20: £883
27/01/20: DEBT FREE!!!
Mortgage Free Wannabee: £58595 to pay by August 20250 -
You probably wont be able to pull £150,000 out but good luck.1
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what are you renovating that needs that much, as above very unlikely, especially with that amount of debt as well.
Suggest hitting that debt and prioritizing the renovations piecemeal wise"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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