Remortgage/Debt consolidation advice pretty pls

[BellaBumTights66]

Mummies! Sorry in adv for long post but need help from any of u who have a decent grip on financial matters 🙄

Will keep it to the point 🤞🏻: other half died 16 months ago and has left me in a bit of a financial mess and that needs to be dealt with sooner rather than later now as I have let it drift for too long (pretending the gloom was not on the horizon - how I thought that was going to work is anyone’s guess).

Anyhoo, I have an interest only mortgage that is due to be redeemed at the end of July in the amount of £185k. I am also carrying debt of £35k which I need to get off my back. The house is worth approx £350k so there is equity in the house which could potentially grease the wheels I hope.

Here comes the rub! My income is approx £1000 per month and I don’t imagine any mortgage lender - respectable or otherwise - will be interested in lending to me. I have the offer of a place to live from family - free gratis - while I get myself back on my feet, find a proper job paying proper money back in London so I could put the house on a buy-to-let mortgage and rent the house out for £1200k per month. The issue will still be clearing off the outstanding debt of £35k. BTW current lender will not extend mortgage term and is no longer in the buy-to-let mortgage biz. Also I have no record of bad debt/late payment/CCJs etc - nothing dark in that dept.

Assuming I could get the house trfd to a buy-to-let mortgage 🤷‍♀️ any advice as to how I could raise the extra finance based on the equity in the house to sort this whole sorry mess out and give me a decent night’s sleep again?

Does anyone with any financial expertise have any advise to share pretty please? I really, really don’t want to lose the house - if I can just get straight, I will be able to get a handle on this shitfest and get back to some normality cause at the mo, I am scared witless, running around in circles and it Is making me feel sick to the core.

Appreciate this is a total clusterfuck so I really don’t need to know more about the mess I am in - I GET IT! Please, if u have nothing constructive or supportive to say, just scroll on by, I am feeling raw enough at the mo! And for those of u - anyone in actual fact - that has made it to the end of this sorry saga, I salute u :)

Tks in adv to anyone who is able to give any advice or pointers for the right direction

Hi op. Get a good advisor and they will be able to find you a buy to let deal. Many providers require a minimum income but not all so hopefully you should have some options provided the rent will cover the mortgage. Good luck and

Could you initially ask for 'permission to let'? This doesn't require a switch to a Buy to Let for a while. I'm not sure they'd allow it on an interest only mortgage but it's worth asking. If they do, you could clear the £35K debt during the rental period then switch to buy to let or move back in once you have a higher paying job.

Or sell up, get a better paying job and use the left over money as a deposit on a cheaper, smaller place? There is cheaper housing on the outskirts of London, for example, in Dartford you can pick up a house for £280K.

Sorry for your loss .

Is it just you that needs housing or are there DC to consider too?

If it's just you, is selling the house, paying off the mortgage and debt and buying a smaller house or flat outright with the remaining equity an option?

Perhaps sell, stay with your relative and then buy again later once you have got a job sorted to make things easier?