Debt consolidation criteria
Debt consolidation
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Debt consolidation
When capital raising for the purpose of debt consolidation (either secured or unsecured debts) the following applies:
- Maximum LTV of 85%
- Maximum of £50,000 of unsecured debts can be consolidated onto the mortgage
- Maximum of 10 debts to be repaid (this can be a combination of both secured & unsecured)
- Unlimited secured debts (against any property, i.e. primary residence, buy to let, second home), providing the above max 10 debt rule is still not exceeded
- Not available when lending on interest only.
- Maximum age 70 at the end of the mortgage term
Remortgages for debt consolidation have the following additional limits:
- 85% LTV for customers able to meet our higher credit score requirement (maximum consolidation of £50,000 unsecured debt or 10 debts)
- 80% LTV for customers who meet our standard credit score requirement (maximum consolidation of £50,000 unsecured debt or 10 debts)