Mortgage Further loan

jo_london_mum

Hi All, wondered if I could pick your brain.

We have a very small mortgage (42k) on a property worth £700k that we bought 3 years ago.

We would like to add to the mortgage to make the total owed to £100k

The reasons for this are: £18k car loan, £25k credit card debt, £15k wedding.

Current lender is Nationwide, who we are happy to stay with, they are offering 1.54%

Question is, how likely are they to give us this further loan, bearing in mind our favourable LTV, but the fact its mostly for loans/debt?

Not sure the best way to play it? we dont want to be turned down and then this hinders us going for another deal? We also have the option of a financial advisor we have been recommended, who we have been assured could "easily sort that out", but we like the idea of just staying with Nationwide and doing it by ourselves.

Thanks in advance

Jo

foxy-stoat

It wont hinder you for another deal if they decide not to lend.  Some have strict lending rules for consolidating - I know the Halifax wanted the extra paid off in 7 years rather than the remaining term of 15 years for example. 43 large is a lot of unsecured debt to consolidate + you want to spend 15K on a wedding.  You LTV is fine by miles though so give them a call and report back.