Want to remortgage to consolidate credit card debt

Bruders333

We have a large amount of credit card debt but also have more than enough equity in our house to cover paying this off. However our problem is that because of our debt, our credit rating is low and as such are unable to find anywhere to help us remortgage. The interest rates are so high on the credit cards that we are unable to pay more than the minimum repayment each month, however, using repayment calculators, if this debt was consolidated into a remortgage we would be more than able to meet monthly mortgage repayments whilst having also cleared our cc debts. At the moment we are caught in the cc trap seemingly unable to get out of it whilst there seems an obvious way out if only we could find someone who would be able to offer us the remortgage. Any advice or recommendations for brokers or lenders who may offer such mortgages would be hugely appreciated. Thanks!

MovingForwards

Head over to the debt free wannabe board as consolidation rarely works, people run up the CC again.

Turning unsecured debt to secured debt is a huge risk to losing the home if the second loan isn't paid. 

Unsecured debt can be negotiated to ease payments.

Sarahwithlove

Have you tried contacting the credit card companies directly to say that you are struggling as sometimes they will freeze the interest for a period of time as the more your debt comes down the better offers you will get. Have you looked to see if any balance transfer cards are available to you? Even if its for a short period at least would give you a chance to pay some more off. Putting it on your mortgage isn't really best option especially if you are struggling to find a mortgage that will accept you.