Remortgage with money on 0% credit card

mustang1

Hoping some of you can help me.

I come off my 5.29% fixed rate at the end of June and it reverts to 4% SVR. I've been lucky enough to have my property revalued upwards since I bought in 2009 and am literally just squeezing into the 75% LTV (based on existing lender valuation - Natwest). I really don't want to go elsewhere as I don't think I would get the same valuation from another lender.

The thing is that I have about £3.5k on a 0% credit card (again, a Natwest card) which I don't have to pay off until next year. I will disclose this in my remortgage application but I'm just wondering how they would view this. I don't want to add this £3.5k to the mortgage and in any event, this would then pull me out of the 75% bracket. Would they give me the opportunity to pay this off before the remortgage completed or would they just reject my application?

I could pay this off before the end of June if I had to but would struggle to pay it off before then.

Thanks

GMS

It would be taken as a credit commitment, usually at 3% of the balance per month.

If you fit affordability with it in place then should be no issue.

mustang1

Thanks for that - will keep fingers crossed!

beecher2

If you're staying with you current lender you won't be remortgaging, you'll just be getting another deal with them. They won't credit check you.

TheSaintVII

beecher2 wrote: »

If you're staying with you current lender you won't be remortgaging, you'll just be getting another deal with them. They won't credit check you.

What about if you're moving but staying with the same lender?

beecher2

TheSaintVII wrote: »

What about if you're moving but staying with the same lender?

That scenario isn't the same - you'd be credit checked and have to meet the lender's present lending criteria.