Im going to be looking for a mortgage soon but i would like to know if you are able to use some of the money to pay off credit cards and loans so that you have more cash every month to pay the mortgage and live on. Probably some reason why i cant do this knowing banks the scamming bastards

 

It is all to do with the amount you want to borrow.

If you want 50k against a 100k house, no problem.

However, if you only have a small, or no, deposit, and want to borrow say 100k against a 100k house, then you *might* struggle.


What??

God damn them for protecting their investment

 

Nothing stopping you raising extra cash to consolidate your unsecured credit mate

 

do you know how much he borrowed, if he had a deposit and who he got it with by any chance

Ill be able to give a small deposit but will basically be wanting almost a 100% mortgage on the house. I need to pay off about 16k's worth off debt though really so i can live comfortbly with teh repayments every month

 

Sunil_FiestaRS1800 Coventry, Northern Rock and Mortgage Express can all do 100%+ mortgages for debt consolidation but the rate will be higher for lending at this LTV

 

Bank manager at Natwest was saying its all to do with the equity available on your property. If there is enough equity to secure agaisnt your exisitng debt then it wont be a problem.

I got completely lost because he kept using 'special' words that meant fuck all to me but it hink thats the gist of it.

 

Put some details in to this...

http://www.moneysupermarket.com/mort...gagesstep1.asp

 

cheers for the help gonna phonee around and sort out a meeting soon and see what they say. fingers crossed ill be able to sort it as i wanna get on the property ladder with gf soon as

 

Good Luck