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What looks best on a mortgage application?
aaroneave
Posts: 3 Newbie
Hi all , 2 part query
We are about to apply for a remortgage on our home. We have a Cahoot loan of £1700 which will be finished in 11 months time. But I have £1000 saved and an overdraft of £800 so I could pay it off now if I wanted.
What I would like to know is, which would score worse for us on our application, an outstanding loan of £1700 or an overdraft of £800.
Also, the mortgage we have now has a early repayment clause which will cost us £1475 (as of todays rate) Would it be better for us to stay with our current lender (Britannia) or pay up and move elswhere ?
I can go into more detail if anyone can help
aaroneave
We are about to apply for a remortgage on our home. We have a Cahoot loan of £1700 which will be finished in 11 months time. But I have £1000 saved and an overdraft of £800 so I could pay it off now if I wanted.
What I would like to know is, which would score worse for us on our application, an outstanding loan of £1700 or an overdraft of £800.
Also, the mortgage we have now has a early repayment clause which will cost us £1475 (as of todays rate) Would it be better for us to stay with our current lender (Britannia) or pay up and move elswhere ?
I can go into more detail if anyone can help
aaroneave
0
Comments
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It would look better if you could reduce the monthly outgoing on your loan, or clear it completely.
As to whether it is better to port your current mortgage, will depend on the figures in question
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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