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Need to extend my mortgage to clear debts but have been declined
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Hi Murphy
Two issues here:
1. Halifax - when Halifax consider affordability on a case they calculate as if any current debt is not being repaid - this could prevent you getting a 'yes'. If there is considerable non-mortgage debt in relation to income this can also be an automatic 'no' from Halifax. There another Lender may give you a better result.
2. Securing debt against your home is generally a bad idea. Particularly if you are struggling to maintain your outgoings of there is a history of overspending.
A good mortgage Broker will point you in the right direction.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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