Braders,

Yes, most lenders will lend on affordability nowadays (ie, your ability to pay them back!), so they will do a credit check anyway to see what you have outstanding. If you are comfortable paying the £500 per month and the mortgage payment, then maybe use the extra £250 a month (after consolidation) to lower the term of your mortgage and therefore taking advantage of the lender (not them taking advantage of you, as is usually the case) by paying a hell of a lot less interest. However always ensure that you can meet payments should mortgage rates rise in the future.

Regards,

Adey.

thanks for the feedback guys,

 my loan & credit card outgoings are 500 a month where as if i reconsolidated , i'd get this to £250.

I'm a bit worried that when i fill my application out, that i will be offered a lower mortgage, because my outgoings look high, i presume I will have to put in my application the level of debt i have?, or will they establish this themselves from the credit checks? im which case i guess 15k of debt is 15k no matter which way i try and carve it up.

cheers Braders

Agreed with Adey, you'd be better trying to consolidate your loans into the mortgage or leave them as they are for now. Every time you apply for credit it registers a credit search on your file. If many searches appear on your file, this can decrease your credit score.

I'd recommend just working out a budget for yourself, including the mortgage payments, to help eradicate the debt asap. Or if you really want a consolidation loan, you could apply for it after mortgage completion.

Best of luck 

Braders,

I see what you are saying, but would probably be better to stay as it is for now - another loan on your credit file may affect how a lender sees things (albeit repaying 2 others). Wait until the mortgage is sorted then consolidate if you want to lower your monthly outgoings.

Regards,

Adey

Hi,

 about to apply for a mortgage, i have 15k debt split 10k credit cards 5k loan, I know that not having any debt is preferential, but what would be seen as the most preferred my debt ;as it is or if i consolidated it into one loan with a lower monthly outgoing?

 all comments greatly appreciated.

 thanks

Braders