Additional Borrowing Stress

Bonfire_Bride

We have applied to Natwest for some additional borrowing to cover garden renovation and debt consolidation (total £20,300). Husband was made redundant in April 2020 and some credit cards increased. In January 2020 I took out a loan to pay for a funeral. 

He is now 5 months into a 10 month probationary period and prior to this was in a fixed term contract (he was offered permanent but left as commute was huge and pay was less). Left on the Friday and started new job on the Monday so a weekend between jobs. 

Annual income £73,400. LTV is showing as 39% and mortgage account shows last valuation was £230,678 in June 2019.

No missed payments or adverse credit for either. 

We received a DIP and had a 2 hour meeting with MA and passed credit checks at the time. 

My husband had to submit wage slips from his previous job yesterday and his contract for new job which we have now done. 

I'm just wondering what our chances are here? I know nobody can know for sure but I suffer terribly with anxiety and its making me unwell worrying. I understand that debt consolidation requires a deep dive into statements and I just found the whole experience quite stressful. 

We have no gambling transactions and the MA went through our statements in so much detail. 

We have started to live frugally and I'm excited to see where our new approach takes us. I am aware of the debt consolidation risk but have cut up credit cards already and if we can't afford it, it stays in the shop. 

Thank you.

london21

Your LTV is good.
You are already using a broker, give it some time and hopefully get positive news.

Bonfire_Bride

Thanks London. 

We had to go direct as it was additional borrowing. The MA I referred to is a HBOS one I believe. 

Waiting for news is stressful. 

london21

Bonfire_Bride said:

Thanks London. 

We had to go direct as it was additional borrowing. The MA I referred to is a HBOS one I believe. 

Waiting for news is stressful. 

Ah ok try to take your mind off it. Recently released equity with Virgin money and they had relaxed approach. Hopefully goes well otherwise try other lenders. 

getmore4less

 LTV is showing as 39% and mortgage account shows last valuation was £230,678 in June 2019.

~£90k   and wanting to add £20k still under 50% LTV

income multiple ~1.5x  with net £4k+pm

Unless a very short term(<6y £1,600+pm) this is very affordable rough guess depending on rates. 
10y £1000
15y £700
20y £500

Should not take long to build up an emergency fund and budget for stuff

Also curious why pay for a funeral when the estate of the person is supposed to pay and if there is not enough in the estate to cover a funeral  the council(or hospital if they died there) pays for one.