Unencumbered mortgage HELP!

lg_money

I am looking for advice on the probability of being able to remortgage my property so I am able to make a decision about job offers in the next couple of months. I have qualified as a teacher doing supply work currently but unfortunately the job opportunities in Lancashire are slim due to the pandemic and there are very limited opportunities . The London job market is better and the majority of teaching jobs there are permanent as opposed to on a fixed term contract. I'm wondering whether I would be able to secure a mortgage if I had to pay London rents... or would I be better to look for any job locally that is permanent (e.g. ASDA or something) because I live in the property and therefore don't have any rent. I own my current house in Lancashire outright, Zoopla values it at approximately £188K, I have credit card debt totalling £40k and am wanting to remortgage my property to consolidate and pay off this debt. My credit rating at last check was 590.

My financial position if I was to accept a job in London:-

Wage: £32,157    

Take Home Pay: £2083.86

Monthly Expenditure:-

London Rent, Bills, Insurance : £900

Travel: £140

Phone: £17

Food/Groceries/Toiletries: £200

Entertainment: £200

TOTAL: £1457

My current Monthly CC Payments total approx £500 but would be paid in full. Ideally I would be hoping for £50k/60k to pay off credit card debt and to do some improvement work to the property. Would I be likely to secure a mortgage on this basis or am I better staying in Lancashire and getting a permanent job doing something else?? Either way what sort of timescale would I be looking at for an unencumbered mortgage? 3-6 months?

Thanks

LG

tim_london

If you already have 40k debt with no stable income at the moment, I'd question whether having a secured type of loan is a sensible option at this stage for the sake of 1-2% better lending rate.  You should look at debt consolidation strategy that doesn't risk your property first, would a £25k unsecured loan cover most of your interest payment on credit cards?

If you did move down to London, wouldn't you rent out your place?

YBR

Is London the only area outside Lancashire that you've looked at?
There are cheaper places to live.