We've put together this quick case study to explain exactly how...
The client had £68k of debt that was costing them £1,645 per month, this consisted of an existing second charge loan for £17k, an unsecured loan of £21k and £30k of credit card debts.
The re-mortgage was declined due to the level of debt outstanding and affordability, in addition to this the re-mortgage option would have incurred an £11k redemption penalty meaning that the total amount of extra borrowing required was £79k!