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Paying off credit cards during remortgage
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bibligal
Posts: 1 Newbie
Hi,
I was wondering if anyone had any experience of selling their home, then paying credit cards off with proceeds, then putting the left over amount as the deposit on a remortgage.
I have found that the mortgage companies will give us more lending without the credit cards than if we were to remortgage with them. i.e £93,000 with them and £167,00 without them. Would the mortgage company allow me to do this mid-remortgage or would I need to:
1/ sell house and rent
2/ pay debt
3/ apply for new mortgage
Do you see what I mean?
I also wonder about the wisdom of such a venture. Leaving a mortgage company completely (excellent payment record, etc.) and then trying to get another mortgage either with same co. or a different one. With mortgage companies loathed to lend at the moment.
We have never missed a payment on any cards or mortgage so I think we are reasonable sound.
I would welcome any kind comments.
Bib
I was wondering if anyone had any experience of selling their home, then paying credit cards off with proceeds, then putting the left over amount as the deposit on a remortgage.
I have found that the mortgage companies will give us more lending without the credit cards than if we were to remortgage with them. i.e £93,000 with them and £167,00 without them. Would the mortgage company allow me to do this mid-remortgage or would I need to:
1/ sell house and rent
2/ pay debt
3/ apply for new mortgage
Do you see what I mean?
I also wonder about the wisdom of such a venture. Leaving a mortgage company completely (excellent payment record, etc.) and then trying to get another mortgage either with same co. or a different one. With mortgage companies loathed to lend at the moment.
We have never missed a payment on any cards or mortgage so I think we are reasonable sound.
I would welcome any kind comments.
Bib
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