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Can we consolidate the £60k spent on extending our home?

Posted on 8 December 2013 by Peter


Can we consolidate the £60k spent on extending our home?

My wife and I have extended our house which has increased the value from 320k to 480k. We have a mortgage of £239k but £60k of credit cards debts (mainly due to the over run on the house) our bank won't lend to us despite have a good LTV. What are the options? We won't be selling the property!

Peter,

I can understand why you are frustrated - you have added the value to your security and yet it seems like you are getting penalised for that.

Fortunately, there are lenders who will understand your situation and can help to consolidate the debts and refinance the loan.

Of course, I am not fully familiar with your exact personal and financial circumstances but in theory and in practice we deal with this type of cases on a daily basis and I would be disappointed if we were unable to help you. 

If you'd like to take your enquiry forward, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.

Regards,

Simon
simon.collins@johncharcol.co.uk
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