An easy re-mortgage question i'm sure.......

Crayon

Hi all, a simple question but means a lot to us so here goes...........

We own a property worth 260k, we have a mortgage of 167k and wish to add another 20k to the mortgage with the Building Society.

However, we have a 60k loan by our bank secured on our property (Secured Loan).

Q1. Will this secured lending show up on the Building Society's searches / credit search of our application? (I am not saying we wouldn't state it on the aplication when asked though).

Q2. If the Building Society turn down our application to re-mortgage to add another 20k based upon the secured borrowing, would their refusal be recorded as a mark against our credit rating record?

See.. said it was an easy one

Thanks in anticipation.

Wutang_2

Crayon wrote: »

Hi all, a simple question but means a lot to us so here goes...........

We own a property worth 260k, we have a mortgage of 167k and wish to add another 20k to the mortgage with the Building Society.

However, we have a 60k loan by our bank secured on our property (Secured Loan).

Q1. Will this secured lending show up on the Building Society's searches / credit search of our application? (I am not saying we wouldn't state it on the aplication when asked though).

Q2. If the Building Society turn down our application to re-mortgage to add another 20k based upon the secured borrowing, would their refusal be recorded as a mark against our credit rating record?

See.. said it was an easy one

Thanks in anticipation.

1.) yes it will - making total secured lending 227k

2.) When the Building Society say no (due to LTV) it will be seen as a search but nothing to worry about - unless you have lots of searches all at once.

_Andy_

To borrow more with your main lender will require a deed of postponement from the secured loan provider, which, at that LTV, is very very unlikely to happen.

Crayon

Thank you to you both, saves me a lot of trouble pursuing.

Kind regards