Skip to content

Avatar
Log In
Please consider registering
Guest
Forum Scope


Match



Forum Options



Min search length: 3 characters / Max search length: 84 characters
Register Lost password?
sp_TopicIcon
Raising money after extension
Avatar
Stan10
3 Posts
(Offline)
1
07/01/2021 - 10:40 am

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?

Avatar
157 Posts
(Offline)
2
07/01/2021 - 10:41 am

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.

Avatar
Stan10
3 Posts
(Offline)
3
07/01/2021 - 10:41 am

Ok so the numbers are

Property should now be worth £300,000
Already have a mortgage of £200,000

Reckon I need about £70,000 to clear all the debt

Avatar
157 Posts
(Offline)
4
07/01/2021 - 10:41 am

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.

Avatar
Stan10
3 Posts
(Offline)
5
07/01/2021 - 10:42 am

Appreciate the information.

I need to think on this, as keeping all these loans and credit cards is not sustainable..

Thanks for your help, may well be in touch

Forum Timezone: Europe/London
All RSSShow Stats
Top Posters:
jrlsmc890: 12
beepboopbeep: 12
Allison79mw: 11
walt46: 11
ashley_987: 10
Redpanther89: 9
nursek: 8
M_wannabe: 6
RussH: 6
ERG005: 6
Newest Members:
testls
paulgough
ThomasMoubs
Davidjohn753951
Tim453
joric
RelyServices5
RobertHep
ncubemp
Help2022
Forum Stats:
Groups: 1
Forums: 12
Topics: 156
Posts: 556

 

Member Stats:
Guest Posters: 0
Members: 411
Moderators: 5
Admins: 3
Most Users Ever Online: 207
Currently Online:
Guest(s) 3
Currently Browsing this Page:
1 Guest(s)

Read Our Latest Reviews

4.94 Stars - Based on 2377 User Reviews

Your home may be repossessed if you do not keep up repayments on your mortgage.