Remortgaging

PokerFace_2

Hi there,

I am trying to move house at the moment and need to borrow a further 50k to do so, my current mortgage is with Nationwide and I am seeing them tomorrow about borrowing the additional money but dont think they will. Is it possible to have a different bank provide a mortgage for the additional 50k and keep my original mortgage with Nationwide?

_Andy_

No as it would be a second charge/secure loan so higher rates.
Why do you not feel NW will lend the extra?

PokerFace_2

_Andy_ wrote: »

No as it would be a second charge/secure loan so higher rates.
Why do you not feel NW will lend the extra?

Thanks Andy...

Unfortunately this house has come at the wrong time for me as I have lot of unsecured debt at the moment which is on credit cards and a loan.. I had planned to get this cleared which I can do in the next few weeks and then start looking for a new house (I got this debt doing up my current property to sell) I then found my dream house a bit earlier than expected and they want to get it exchanged and completed by the end of October so that doesnt give me a chance to get the debt cleared and my credit file updated in time to look in a better position for the credit score and mortgage application.. any ideas gratefully taken???

Mrs_Bumble

Nationwide will assess you on their knowledge of you as an existing customer as well as the credit profile. Will you clear the debt on completion of your sale?

PokerFace_2

Mrs_Bumble wrote: »

Nationwide will assess you on their knowledge of you as an existing customer as well as the credit profile. Will you clear the debt on completion of your sale?

Yes it would be cleared then (or 90% of it for sure) will they take this into account?

Also when they 'assess' me if this done by a computer or a human being?

Mrs_Bumble

Make it very clear to them that the outstanding debt is to be cleared and they will take that into account. Nationwide underwrite with human beings and if the computer says no it can usually be referred to the human being for a decision. The one important thing with Nationwide is that they do not like any adverse whatsoever.

But as long as your income and loan to value etc looks ok, I would have thought that they would look at the whole scenario.

PokerFace_2

Mrs_Bumble wrote: »

The one important thing with Nationwide is that they do not like any adverse whatsoever.

what do they consider adverse?