Debt consolidation / home improvement loan
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Hi. I took out a debt consolidation loan last September and now I’m looking to remortgage. My advisor seems to think the only thing harming my application is having a debt consolidation loan. I’m having a lot of work done at the house and was wondering if I took out a home improvement loan to clear the debt consolidation loan would it look better for me?
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Also, the home improvement loan amount is presumably higher than the balance of the consolidation loan, as you're looking to pay that off AND do work on your property?
It tends not to be the reason for the finance, but the amount and speed of accumulation of debt that makes lenders edgy.