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Increase mortgage refused
Caperboy
Posts: 8 Forumite
As people may know. I have around £40k of debts am working my way to pay (have never missed payments)
anyway we now need a bigger house.
At present I owe £90k on my mortgage my home has been valued at £115k with estate agent saying £120k I will get
next house is £130k, however bank have said no they will not increase my money available to move.
can a mortgage broker help, or am I stuck with the bank.
anyway we now need a bigger house.
At present I owe £90k on my mortgage my home has been valued at £115k with estate agent saying £120k I will get
next house is £130k, however bank have said no they will not increase my money available to move.
can a mortgage broker help, or am I stuck with the bank.
Purpose of moving is. A bigger home and also make a debt in the debt.
Can anyone advise
0
Comments
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Yes a mortgage broker can look over other banks and building societies and see if anyone is prepared to lend what you require.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Thank you for the above comments0
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Shifting debt onto the mortgage isn't a solution. Just defers the problem potentially.0
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I need this to get me back on top0
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what position are you trying to get to?
current mortgage £90k + £40k debts = £130k liabilities
new mortgage £117k (assuming 10% deposit) + £28k debts (assuming using some of equity to pay down) = £145k liabilities
or something similar?0
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