Debt Consolidation/Remortgage Advice with Additional Borrowing

FleetingHummingburd

Good Morning All  First Post, But I believe I'm in the right place ') 

I've tried to look at different Boards and decided Here may be the best place for the advice I'm looking for!

@fatbelly for putting me in the right direction! 

Currently Based in the UK with a Repayment Mortgage with NatWest. Mortgage Remaining Fixed Rate Term is 11 months due to end and My Outstanding Balance of Mortgage at a rough estimate in 11 months time is £36500 with £9500 of this included as additional Borrowing Which both would lieat 15 years remaining on the initial mortgage (Took additional borrowing to  tie in with mortgage rate expiry)

My Debt is as follows as of August 2026 (Rate Expiry)

Loan at 8800

Loan at 6750

Loan at 5440.

I have a small Personal Finance Car Loan which will be excluded from additional borrowing at around £1000 left and a Credit Card which would be around £1500 

My understanding is I am unable to account for The car loan and Credit Card due to it being at 0% Interest 

Therefore my Total Balance remaining would be around about £45000

What I am looking to achieve is to Consolidate some debt, and also some additional borrowing for house maintainence work. This would also include myself increasing the term via 8 years.

The amount I wish to add onto my mortgage to consolidate Debt and Home Improvements is £36000. This would take my LTV ratio to 89%

Having used Compare The Market, I am able to see offers available when entering my details above.

Additional Information:

Property Value £92500

I have a Fair Credit Score

I have Never missed a mortgage payment, Loan Payment or Credit Card Payment 

My question and Advice today is, 

What is my Likelihood of my circumstances being accepted for additional borrowing? 

I've been reading some Mortgage Providers will only allow up to 80% LTV for debt consolidation. 

Any advice would be grateful  Thankyou

Grumpelstiltskin

Advice? Easy never change unsecured debt into secured debt, simple.

FleetingHummingburd

Thankyou for your advice mate, Appreciated  

sammyjammy

Grumpelstiltskin said:

Advice? Easy never change unsecured debt into secured debt, simple.

This and this again.

RAS

You'll just wrack up more debts on top of the increased mortgage. 

An SOA would be handy and you need to work out how to live within your means. Which probably means defaulting on your consumer credit debt, whilst saving an emergency fund. Once the debts default you start the DMP, and then hope for reduced settlements later.

FleetingHummingburd

RAS said:

You'll just wrack up more debts on top of the increased mortgage. 

An SOA would be handy and you need to work out how to live within your means. Which probably means defaulting on your consumer credit debt, whilst saving an emergency fund. Once the debts default you start the DMP, and then hope for reduced settlements later.

How would I wrack up more debts mate? Can you explain? 

kimwp

Living with interest bearing debt means paying more for everything you purchase. If you also don't have an emergency fund, you are in a precarious position if you were to lose your income or have an unavoidable large expense. Any debt secured against your house incurs a risk of losing your home. Increasing debt secured against your home increases the risk of losing it.

So your best option is to address your debt, rather than further risk losing your home.

You've been directed to the forum to help you with your debt, no financially sensible person would encourage you to risk your home by converting unsecured debts to secured debts.

tigergambit

FleetingHummingburd said:

RAS said:

You'll just wrack up more debts on top of the increased mortgage. 

An SOA would be handy and you need to work out how to live within your means. Which probably means defaulting on your consumer credit debt, whilst saving an emergency fund. Once the debts default you start the DMP, and then hope for reduced settlements later.

How would I wrack up more debts mate? Can you explain? 

How have you racked up the debts you currently have and what changes to your lifestyle will you be making to stop this?

FleetingHummingburd

tigergambit said:

FleetingHummingburd said:

RAS said:

You'll just wrack up more debts on top of the increased mortgage. 

An SOA would be handy and you need to work out how to live within your means. Which probably means defaulting on your consumer credit debt, whilst saving an emergency fund. Once the debts default you start the DMP, and then hope for reduced settlements later.

How would I wrack up more debts mate? Can you explain? 

How have you racked up the debts you currently have and what changes to your lifestyle will you be making to stop this?

Converted a Garage for my Daughter to live in as her mum passed away. Other debt I.e credit card was to help with Christmas. Unexpected events.

Appreciate your advice mate. Thankyou 

FleetingHummingburd

Think the best option would be for me to get a second income. Thanks for all advice 

Grumpelstiltskin

Your best option is to sort your budget out so you can live with a saved emergency fund then you don't have unexpected events, eg. Christmas comes each year so you save for it not put it on credit.

If you can't afford to pay your debts then stop paying them, let them default and start saving your emergency fund.

If you fill out a honest SOA   SOA Calculator and post it on here we can give you the best advice.