Posted on 13 February 2011 by Nick Butler

My wife and I currently have a £120k joint mortgage on SVR on a property worth £230k. We have £35k of unsecured debt on credit cards and loans and would like to consolidate this debt on our mortgage as the monthly repayments are £800. I am 37 and now bring in the sole salary of £46k per annum as my wife now looks after our two young children. What optons are available?


Having run the figures through several Lender's affordability calculators, you can find these on their websites, a mortgage of £155k on your income of £46k would seem to be quite achievable. This would depend on you meeting their other Lending criteria, particularly the credit score and also your property being acceptable security for a mortgage.

You would have a choice of variable or fixed rate with a new Lender and would qualify for a free valuation and free legal package if you wished. However, before you explore this route I suggest that you approach your existing Lender to see what choices they would offer you in conjunction with additional borrowing to repay your debts.

Having done this I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the adviser the date of your question, they will be able to look at what you have been offered by your Lender and be able to see if there was a better deal available elsewhere.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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