Remortgage / debt consolidation advice!

Sophie8916

Bit anxious so wanted some advice please posted in another forum post but thought would start my own.

ive been an idiot.... racked up debts twice and looking to do a third and final debt consolidation (am actually doing things properly this time and having debt counselling)

my salary is £34k a year and I have a mortgage with Halifax at £99k, a second charge with optimum at £33k and about £20k worth of debts and hoping to consolidate all with about £5K left to clear me self.

halifax are accepting an instant valuation of £185 for my property, and my broker is amazing and has put in an advance request for them, she rang them up initially and they happy subject to credit score. 

End of the day, we have other lenders
to approach it not but what does everyone think my chances are? I’ve actually got a good broker this time round...

ukri

As long as the bank can see that you are not addicted to consolidating short term unsecured debt into your mortgage, you will get approved.

As for your chances, your broker is the best judge. What is she saying?

The £185 valuation might be an issue though.....

Sophie8916

ukri said:

As long as the bank can see that you are not addicted to consolidating short term unsecured debt into your mortgage, you will get approved.

As for your chances, your broker is the best judge. What is she saying?

The £185 valuation might be an issue though.....

Haha yes £185K.

well define addicted, over 5 years this will be third time but at least this time I still have equity.

she’s confident, very confident so fingers crossed

lonibra

Very interesting. How does this work according to your broker? For example does Halifax pay off your debt directly? Otherwise how would they know that you will use the cash to pay off debt and not more consumer spending.

Sophie8916

lonibra said:

Very interesting. How does this work according to your broker? For example does Halifax pay off your debt directly? Otherwise how would they know that you will use the cash to pay off debt and not more consumer spending.

I guess it’s trust and the reassurance that they have a bigger share
of my property if need be?

lonibra

Fascinating. I had always assumed the solicitors will pay it off directly and the borrower does not get to see the cash. Halifax has a good reputation as  lender so I am sure you will get the mortgage. 

Sophie8916

lonibra said:

Fascinating. I had always assumed the solicitors will pay it off directly and the borrower does not get to see the cash. Halifax has a good reputation as  lender so I am sure you will get the mortgage. 

I hope so, especially as I’m already a customer! Cross everything for me please

Terrace

It is not good idea to consolidate your unsecured debt in to your house mortgage. 

You can loose your house this way. 

Sophie8916

Terrace said:

It is not good idea to consolidate your unsecured debt in to your house mortgage. 

You can loose your house this way. 

I know terrace but it’s best for my individual situation

MovingForwards

Sophie8916 said:

Thrugelmir said:

Third time for debt consolidation and you need £5k to "left to clear me self".  Sometimes the only way to truly learn is to go cold turkey. Learn to live without. A fact that mainstream lenders know only too well. 

How judgemental you don’t know my background or what led me to this....I do live without I’ve made mistakes but please #bekind

It's not judgemental, you've already consolidated and added it to your house, now you're doing it again. I say that having read your post from last year, now your debt is £5k more and you want another £5k on top of that.

Honestly, head back over to the debt free wannabe board, get the help, support and guidance you need. Break the chain and history is less likely to repeat itself. You need to get a grip on it and not the other way round. 

Many have been where you are now and come out the otherside, others did what you plan on doing, get further into debt and end up in a worse position, it's not worth risking your home for.

Sophie8916

MovingForwards said:

Sophie8916 said:

Thrugelmir said:

Third time for debt consolidation and you need £5k to "left to clear me self".  Sometimes the only way to truly learn is to go cold turkey. Learn to live without. A fact that mainstream lenders know only too well. 

How judgemental you don’t know my background or what led me to this....I do live without I’ve made mistakes but please #bekind

It's not judgemental, you've already consolidated and added it to your house, now you're doing it again. I say that having read your post from last year, now your debt is £5k more and you want another £5k on top of that.

Honestly, head back over to the debt free wannabe board, get the help, support and guidance you need. Break the chain and history is less likely to repeat itself. You need to get a grip on it and not the other way round. 

Many have been where you are now and come out the otherside, others did what you plan on doing, get further into debt and end up in a worse position, it's not worth risking your home for.

But this time is different, I’m having counselling this time, I’m confident I’ll come out the other side , sounds like you may have been in a similar position to me? My question was more whether they were likely to lend again?