Advice needed on an unconventional re-mortgaging

liteweight said:

I think he wants to consolidate loans so repayments can be brought down?

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Consolidate and increase lending (slightly) to finance the application for PP on the land.

If you do manage to remortgage for the 190k, what would happen should PP be rejected? Look at the interest rates on any potential loan(s) (whether with Start or any other lender) and consider the worst case scenarios just incase.

Exactly how much are your loans/debts excluding mortgage?

Satanta said:

Consolidate and increase lending (slightly) to finance the application for PP on the land.

If you do manage to remortgage for the 190k, what would happen should PP be rejected? Look at the interest rates on any potential loan(s) (whether with Start or any other lender) and consider the worst case scenarios just incase.

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I think the prime objective is to clear the debts with a re-mortgage. After that, there may be enough left over to apply for PP.

In any event, if I were in your shoes, I'd sell at least part of the land in order to get the bank off my back. This decision might rankle as the land is potentially worth a great deal more, but when a bank passes your loan on to it's insolvency department...you're in real trouble.

Why don't you see what rates are like with sub prime lenders and if they will give you a loan of course. Then crunch the numbers to see if total repayments i.e. mortgage,loan, cc, are reduced. Even if repayments are slightly reduced it gives you some breathing space, in that the current lenders are off your back and some more of your income is available to renovate. Good luck.

The land is 20 acres..The cottage, if renovated and on one acre of that land, would be worth in the region of 330,000 by itself....PP is not a problem to renovate the cottage, it will be granted automatically, as the cottage has a roof, doors, windows and electricity..

My intention is also to obtain PP for 4 to 6 holiday homes also...This will not be a problem with the council, as this type of development is part of the County Development Plan, and I have discussed this with the Planning Officer..

My problem is how to obtain the necessary re-financing to get myself out of the s*** I'm in, starting with clearing my outstanding debts...The security is in the land and property..Unfortunately the layout of the land does not lend itself to selling part of it off..