I am 48, earn £30k per year and currently have a mortgage plus secured loans with Santander totalling around £56k. These products all have just under 10 years to run. I have now run up £14k of unsecured debt which I wish to consolidate. My property is worth around £85k but does need some minor work done to repair the roof. Would I be able to get a mortgage for £70k and pay it over 15 years instead of 10 - would the repairs required count against me by reducing the amount the house is valued at in a survey?
With the brief details you've given, then it would seem feasible for you to be able to remortgage for the amount you want. However before giving a definitive "yes" we would need to know the rest of your situation, including any other ongoing commitments that aren't included in the consolidation.
The main unknown factor is whether the "minor work" needed on the roof is serious enough for a valuer to recommend the lender to place a retention on the mortgage, or for it to affect the value of your home. A retention is where the lender holds back a set sum of money, until such time as the recommended works have been carried out and inspected to ensure they've been done properly.
Please let me know if you'd like to discuss your enquiry in more detail, and I'll arrange for you to speak to one of our consultants.
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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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