tied in until 2014 my mortgage with halifax

curlyboy

Hello everyone

Bit of a dilemma, tied in until 2014 with halifax £97,000 outstanding 5.78%.

besides the mortgage have £7k in credit cards on ( fortunately 0% till May 2012 and October 2012 )

I tried to re mortagage 4 months ago and was declined, allthough the payments would have been around £90 per month cheaper

I have a 2% exit fee as well.

hoping to clear cards within 2 years

Do I stay as I am try and clear CCards as quickly as possible and see out the rate ?

or reply next year ?

any feedback woudl be great even, im looking at 90% ltv at the moment
:j

curlyboy

secondly - because my re mortgage application was declined will it effect my credit rating ?? if it does how long is best to leave it and repair my file and re apply when my cards are paid off may be - or see out my fixed rate for another 30 months
thanks

purplelila-2007

Yes unfortunately it would have an impact on your credit rating not sure how long that would stay on file?
It's just the same as when you apply for any form of credit and you're declined - it always shows up.

curlyboy

i need advice on my original post - but thanks for the reply

Bit of a dilemma, tied in until 2014 with halifax £97,000 outstanding 5.78%.

besides the mortgage have £7k in credit cards on ( fortunately 0% till May 2012 and October 2012 )

I tried to re mortagage 4 months ago and was declined, allthough the payments would have been around £90 per month cheaper

I have a 2% exit fee as well.

hoping to clear cards within 2 years

Do I stay as I am try and clear CCards as quickly as possible and see out the rate ?

or reply next year ?

any feedback woudl be great even, im looking at 90% ltv at the moment

magpiecottage

Clearly somebody is not keen to give you a remortgage - they are obviously concerned at the risk you present. And if you do, where are you going to get the early repayment charge and fees from? It is obviously not in the bank because you have £7K on your credit cards.

Get the credit card debt down as fast as you can because come next year you are going to find the interest on them is considerably more than 5.78%. Then when you are able to remortgage without an ERC you will also be in a better financial position and more likely to persuade a lender that you are a good risk.

curlyboy

forgot to advise i work for a very large retail organisation myself and other half have around £4k in shares due out in febuary and £3k the following year

Would it be best to invest half of that paying off the CCards.

When the 0% runs out next May and October I will shift the debt to another 0% Ccards.

I possibly feel that the Credit Cards and overdraft are the reason why I was declined.

thanks

curlyboy

by the way the 5.78% is on my mortgage not ccards

thanks

jimjames

curlyboy wrote: »

forgot to advise i work for a very large retail organisation myself and other half have around £4k in shares due out in febuary and £3k the following year

Would it be best to invest half of that paying off the CCards.

When the 0% runs out next May and October I will shift the debt to another 0% Ccards.

I possibly feel that the Credit Cards and overdraft are the reason why I was declined.

thanks

If you are constantly moving the CC debt around between 0% cards and never paying it off then that may be your problem.

curlyboy

but i am paying off the debt slowly because its on on 0% im hoping to have a fair chunk of it paid by this time next year

deedee71

Hi curlyboy. Watch you don't fall into the stoozing trap as I did. Kept going after the 0% credit cards until I discovered I couldn't get another one as there were so many showing up on my credit search and I had exhausted all the "families" of credit cards.

I've stopped now and hopefully by the time I need to remortgage my credit rating will look a bit better.

I think the point magpiecottage was trying to make is it makes more sense to clear the cards as if you don't get another 0% deal the interest will be higher than 5.78%.

curlyboy

dear dee

i was actually thinking that once the cards run out next May and October I am struggling to find new providers , but I read you can re apply to certain Credit card providers as long as its over 12 months ??? is that correct, I never been declined by a CC. also My missus can apply as well and her credit rating is superb

what do you think

cheers