Remortgage Advice - CC vs Loan

rachie1976

Hi

I am due to remortgage in July my current deal is Interest only at 5.39% with Saffron (119,500 75% LTV)

To enable me to get on the property ladder I raised part of my deposit via a credit card 4.9% for life of balance. (7000) and I also have an additional 3500 borrowings on credit cards 0% - due to end feb.

Rather than try and find another 0% to transfer to would I be better off transfering ALL the debt to one loan - My bank can offer a 3 year deal and I will be paying out less than I currrently do on the cards that I have. - would a loan look better on my remortgage application that the credit card debt ??? This would be all of the debt I have - Car is paid for etc etc

I also now have a new job which is paying much higher than my previous job I had when I got this mortgage.

I would be grateful of any help with this as I guess if I am to do this I need to work first so that my credit check only shows the one loan - if that is the best way to go.

Thanks R

getmore4less

Whats the followon rate there may be no need to remortgage.

If the total debt stays the same probably make little difference.

If you can borrow at a lower rate than the CC then it will be worth swithcing but 4.7% lifetime is good so min payments on that and focus on getting rid of or moving the other 0% that will go to a high rate.

Thrugelmir

As your mortgage is on an interest only basis. Do you have any plans as to how the capital will be repaid? Something many lenders will now require if you choose to remortgage.

rachie1976

Hi

Thanks for the above. I would like to remortgage so I can change to a repayment deal. If I was to stay with my current mortgage provider and just change deal to a repayemnt would I still have to go through all of the strict checks that were initially done to get the first time buyer mortgage ?

Re the c/c debt 4.7 is a good deal so maybe I can shift the other cc debt onto this card with same deal - something to look into.