Can we raise £25,000 on our unencumbered house to settle some debts and pay for a holiday?
Posted on 23 March 2013 by Jan
We own our house outright. It is currently valued at around £125,000. I have a part time job earning £8,200pa, my husband has a pension of approx £3600pa. I have been in my job 2 months & we have good credit history. We would like to know if it would be possible to take out a £25,000 mortgage on the house to clear outstanding debts and to spend on a holiday.
Subject to your overall financial position, then I can't see why you wouldn't be able to obtain the loan you are looking for. The loan to value is good, and the amount is only just over 2 x your joint income. The only issues may be the fact that you are consolidating debt, and the term of the loan, depending on your ages, which may restrict the number of lenders available to you.
If you'd like to find out more about teh option open to you, then please let me know and I can arrange a convenient time for you to speak with one of our consultants.
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