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IMPORTANT - Moving house and remortgaging with bad credit
thecornflake
Posts: 337 Forumite
We will hopefully be moving house soon, so I've been calling all of the companies I have secured loans with to check the loans are portable to a different house. All of them are except my main mortgage.
When the fixed rate ended a couple of months ago we called them and they offered us a change to a new fixed rate. Due to having only just paid off two months of arrears and also having an Advantage Gold account (Mortgage and bank are Natwest) they were able to transfer it over to the new one without any extra charges etc.
Apparently if we move it is not portable and they will have to end the old one and do a new application. Redemption penalties will only be very low as we've only just started the new one, but I'm wondering if the new application might fail due to my current bad credit (recently failed an application for a credit card and loads of missed payments in the last two years etc etc.
The new house will be worth a lot more so availabel equity won't be a problem but if we fail the new applicaiton we'll be stuffed. Or will they be ok because we have one at the moment and they let us change over ok?
When the fixed rate ended a couple of months ago we called them and they offered us a change to a new fixed rate. Due to having only just paid off two months of arrears and also having an Advantage Gold account (Mortgage and bank are Natwest) they were able to transfer it over to the new one without any extra charges etc.
Apparently if we move it is not portable and they will have to end the old one and do a new application. Redemption penalties will only be very low as we've only just started the new one, but I'm wondering if the new application might fail due to my current bad credit (recently failed an application for a credit card and loads of missed payments in the last two years etc etc.
The new house will be worth a lot more so availabel equity won't be a problem but if we fail the new applicaiton we'll be stuffed. Or will they be ok because we have one at the moment and they let us change over ok?
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