Hey
I've been turned down for a remortgage as apparently I have too much debt as a percentage of my income.
We have some old adverse of about 4-5 years ago also..
All we did was use loans and credit cards to fund the extension and now house is worth more, wanted to add it to the mortgage
Any ideas?
Hi there,
Thanks for reaching out for help.
We do see this a fair bit as I assume before the extension the loan to value was high and therefore couldn't utilise the equity at that point.
Depending upon the exact numbers, there are a variety of ways you can explore to raise the finance required.
Ok then, so the combination of a 90% loan to value, old historic adverse and debt to income ratio make this potentially complicated.
Complicated does not necessarily mean impossible, but the details will be critically important.
It is likely that you will require an experienced adviser and they would need assess both a remortgage and second charge options.
Well worth establishing if you have Early Redemption Charges on your current mortgage product.
Paul Carmen
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