Remortgaging after Only 7 Months

hobbesandco

I hope someone can help with my query. My partner and I took out our first mortgage back in June. I went with Co-operative Bank because of the lack of a redemption fee (apart from a deed release fee of £85).

I have just found out the fee has now been raised to £195. I have trundled through various websites looking for current mortgage rates with other banks and some are quite competitive. I have calculated that if I remortgage now I could probably save myself £300/£400+ (even with the £195 fee) after 12 months. Not a lot but still worth doing maybe.

My question is if I remortgaged just 7 months into my 1st mortgage, would this affect my credit rating (i.e. would I have difficulty being approved by another bank)? I am also thinking of taking out a let to buy mortgage next summer. Would remortgaging a 2nd time in 2 years damage my chances?

Thankyou.

herbiesjp

The fact you are re-mortgagging should not adversely affect your credit rating. Will you find another lender to offer you a mortgage - simple answer is yes.

Looking at BTL in the summer - again this should not be a problem.