Mortgage Increase

riki8

Does anyone have any ideas or experience with this; I need to consolidate my debts and am considering increasing my mortgage to cover these, I would also like to know if they will allow about 25k for a possible Freehold purchase later in the year. I read in the guide ask your current lender for a better deal when wanting a better rate, how should I ask for BOTH a better rate AND SOME EXTRA DOSH FOR DEBTS and THE FREEHOLD PURCHASE, I am very new to all this and probably had I not discovered this site
would have just carried on with the same mortgage company. My current mortgage is about 48k property worth about 260k.

Daft_Pegasus

You might get a better answer if you post this on the Mortgages & Endowments forum as opposed to this one.

However I see no reason from the details given why a mortgage lender would not increase your mortgage on your main property to cover these requirements. Simply ask lenders for a remortgage and tell them how much you want to remortgage for £48K + £25K + debts. With a house valued at 260K you'd have to have very large debts for them not to be interested.

Just be prepared for a big hike in your mortgage replayments.

calleyw

If you go over the the DFW board they always say never ever ever consolidate debt.

Most of them on the DFW board who have done this have not done it once but 2/3 or even 4 times.

About the consolidation go over to the DFW ask them about it. And even put up a SOA (statement of Affairs) they may well be able to help.

Yours


Calley