www.iva.co.uk

I have built up debt to the tune of 70000, I have 100.000 equity in my property but can’t get remortgage because of debts any answers

Hi Kevin,

Many Lenders now have an issue unfortunately when it comes to debt consolidation however, if you haven't missed any payments and you have the income to support the application it may be possible for us to find a re-mortgage for you if you were to contact us with more information.

Regards

You can tackle this from different angles -- either a consolidation loan, which Ryan might be able to assist with, or another debt solution to deal with the debt, such as an IVA. You really need to chat to a few insolvency firms to explore all options and to see which solution works best for you.

Speak to alternative mortgage providers - it might cost you more but will potentially save the house in the long run.

In an IVA you will have to offer creditors an alternative just as attractive than what they would get in BKY.

Assuming the property is solely owned then they will get a significant dividend back from the £100k if you were to go Bankrupt and the property repossessed or sold.

Bias aside, I'd suggest talking to a specialist Mortgage Adviser if you wish to discount a re-mortgage option. Not all lenders would consider this, but some may, and you may worsen your chances by making random applications unless you know you fit their criteria.