Mortgage Advance

seantkav

Contacted Santander about a mortgage advance of 10K to consolidate credit card debit (7.5K) and was told over the phone that it would be no problem and was put on hold. They then told me I had been rejected because of the credit card!

I haven't missed any repayments to my credit card since I took out the 100k mortgage (house valued at 150K at time of sale and has had roughly 14K renovations) in June 2010 I have had a 3K pay rise.

The main reason for looking the mortgage advance was to bring down monthly payments (£175). Should I just try again in a few months or get a 5yr loan to bring them down?

Cheers

Sean

GMS

seantkav wrote: »

Contacted Santander about a mortgage advance of 10K to consolidate credit card debit (7.5K) and was told over the phone that it would be no problem and was put on hold. They then told me I had been rejected because of the credit card!

I haven't missed any repayments to my credit card since I took out the 100k mortgage (house valued at 150K at time of sale and has had roughly 14K renovations) in June 2010 I have had a 3K pay rise.

The main reason for looking the mortgage advance was to bring down monthly payments (£175). Should I just try again in a few months or get a 5yr loan to bring them down?

Cheers

Sean

What was the reason for rejection?

It is possible you were rejected on affordability because of the card. Call back and double check they have taken into account the fact that the card will be repaid.