Please can you read and advise what is the best course of action?
Joint annual income £95K
House value £320K
Mortgage £254K
Secured loan £92K
Unsecured debts £40K
What care the chances of a remortgage? The secured loan means negative equity but the loan company have agreed to be the second charge. So mortgage company would get first chance at any repossession. Not that there will be one!!!
Would be be able to combine the mortgage and the secure loan to make a total amount of borrowing £346K against a house only worth £320K. I know the secured loan company were happy to lend up to 125% of the value?
We have a credit score of 984 / 1000 according to Experian and have never missed any payments? Just at the moment we are on standard variable rate and would like either fixed or discounted rate?
Thanks very much
Dippitydoodah!