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credit rating & remortgaging

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1 reply 487 views
jennymeg2jennymeg2 Forumite
8 Posts
Tenth Anniversary Combo Breaker
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi,

Just got refused for a Nationwide remortgage, according to my credit score I am Fair. I am currently with Santander on interest only so I am keen to get onto a repayment. If I ask Santander for a new deal will this hurt my credit score even more as I've just been refused by nationwide and is there a chance they will refuse me as well even though I already have mortgage with them on variable rate.

Please help, I'm worried. Thanks.

Replies

  • ThrugelmirThrugelmir Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    You can overpay your current interest only mortgage without making any "official" changes. Easiest way to do this is set a regular standing order from your bank account.

    This will gradually improve your credit rating as your debt level falls. Enabling you to make a more permanent move at a later date.

    Santander are unlikely to refuse your request to switch to a repayment basis anyway. As this is not a remortgage just a change of terms.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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