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Can you borrow on existing mortgage to clear debt?
Lt83
Posts: 1 Newbie
Hi, I am new to MSE. Just wondering if its possible ( before I contact nat west) to borrow more on existing mortgage to pay off my 2 credit cards ( approx 11k) and pay back my ex partner approx 3.5k. Nat west website states you can enquire about borrowing on existing mortgage for a dream holiday or home improvements, but doesn't mention clearing debts?
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Hi Welcome to MSE. Everyone here will tell you never put unsecured debt on to your mortgage.
Go over to the Debtfree Wanabee board and they will advise you how to reduce your debt.If you go down to the woods today you better not go alone.1 -
@lt83 Assuming you meet criteria, NatWest will consider raising capital for the purpose of debt consolidation when you remortgage. I would assume that that would hold true for a further advance as well.
I am a Mortgage Adviser - 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I used to have a NatWest mortgage. Borrowed to consolidate debt. They were very pleased to give it out. However when we went through divorce and financial difficulties and really needed their help, the “listening bank” as they were trying to call themselves, did not listen, and gave me no help whatsoever. Ended up with a debt management plan. As a customer of over 20 years there was certainly no loyalty shown despite fake assurances from staff in my local branch. I will never touch a NatWest product again.
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Sadly you will find this to be the case of most lenders/banks. Happy to take your money, but if you default or can't pay, you may find it difficult for them to give you any breathing space, after all you agreed to borrow more and pay x every month and contractual, you are not borrowing money from your family who will usually be fine if you miss some payments.runforlife said:I used to have a NatWest mortgage. Borrowed to consolidate debt. They were very pleased to give it out. However when we went through divorce and financial difficulties and really needed their help, the “listening bank” as they were trying to call themselves, did not listen, and gave me no help whatsoever. Ended up with a debt management plan. As a customer of over 20 years there was certainly no loyalty shown despite fake assurances from staff in my local branch. I will never touch a NatWest product again.
It's nothing personal and it's business. Remember the old blurb at the end, if your unable to keep up with repayments, your home may be repoed"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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