Remortgaging to also consolidate debts Joannef

#1
I have two questions and wondering if anyone can help as I'm not having much luck searching online.



The first is that my salary have just increased (I've gone from 32 hours to 40 hours). Will any lenders consider me based on my new salary? I'm doing the same job and working for the same firm so the only change is my increased hours and wages. The first lender I contacted, Virgin Money, said they would not consider my new wages until June.



My other query is, I want to consolidate some debts. I know remortgaging isn't the best way of doing this long-term, but I'm after a slightly short term resolution. I'm not sure if there is any consideration taking into why you're in debt?



Are there any lenders that are more accepting to consolidating debts? The first few I've looked at will not lend me enough because as soon as I put debt in, the amount they will loan me drops. Will lenders consider that you're going to repay so they don't need to count these as monthly outgoings?



Am I better going to a bank or broker directly rather than trying to deal with it myself. I've done all my other mortgages myself but they've always been a straightforward move or remortgage.



My current LTV is 43:57. I'd be looking to increase it to 55:45.



Thank you!

#2
There are lenders which will still hit affordability with the cost of debt which is being repaid, so a broker would help you with avoidable errors like picking one of those.



As far as your increased income is concerned, there are lenders who will work from a letter or latest payslip. You accidentally fell on VM which has a requirement for latest two months' payslips.



Again, a broker will avoid such lenders.

#3



I'm not sure if there is any consideration taking into why you're in debt?

Originally posted by Joannef


Human nature being what it is. Lenders like to see people proactively addressing the issue themselves. Rather than simply expecting an easy way out.

#4
Why not just your increased income to work on the debt?



27% increase on the mortgage.

25% increase on the salary.





Some idea of the numbers may help those that can guide.

#5



There are lenders which will still hit affordability with the cost of debt which is being repaid, so a broker would help you with avoidable errors like picking one of those.



As far as your increased income is concerned, there are lenders who will work from a letter or latest payslip. You accidentally fell on VM which has a requirement for latest two months' payslips.



Again, a broker will avoid such lenders.
Originally posted by kingstreet


Thank you. Typical that I only looked on VM. I think a broker is probably the best option, like you say, to avoid the ones that wont' go in my favour.










Human nature being what it is. Lenders like to see people proactively addressing the issue themselves. Rather than simply expecting an easy way out.
Originally posted by Thrugelmir


I'm not looking for an "easy way out". I didn't really want to post the reason for the debt, but I have not been spending willy nilly expecting to just be able to get out of it. I took some time off work after struggling with a particularly stressful job. I decided after a work friend was sectioned, I should be proactive and take myself away from that situation and workplace. It took me several months to feel anywhere near normal and ready to cope again. Being relatively newly single meant I had no help to get me through that and no time to prepare for the time off.

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