Need to extend my mortgage to clear debts but have been declined

amnblog

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.