Remortgage advice

Lucero_2

Hi all,

Looking to remortgage, currently with the Halifax but happy to remortgage with anyone. My outstanding mortgage is 160k and the property is worth £205k.

Now, I rang the Halifax and said I wanted to remortgage for a higher amount, they said that they couldn't do that because any additional borrowing would need to be applied for seperately at a different rate, etc. That's not how I've understood remortgages happening in the past. Anyway.......

I have some credit cards I want to pay off as part of this remortgage but for some reason my credit score seems low, I think in part down to the amount of credit I have. We're talking £10k in debts and have been overdrawn by a small amount. Credit Expert score seems low.

I've no missed payments, on any cards and always make the minimum payments happily (sometimes more).

What I want to do, is find a willing lender who will remortage with an LTV of upto 85% (I need £170k which is about 82% LTV), who are happy to know that the credit accounts will be paid off and closed. I can happily afford the repayments on the mortgage (especially if the credit accounts are paid off and I'm not making payments to them).

Can anyone suggest a suitable lender or approach?

Thanks

kingstreet

Remortgaging is moving a mortgage from one lender to another. If you are asking your lender for more money this is a request for a further advance or additional borrowing. This is normally offered at a higher rate than that which applies to your current mortgage.

I can't see a particular problem moving to a new lender for a remortgage with the values you've set out. A 85% remortgage should be achievable, subject to affordability and credit history. It may be worth approaching an independent or whole market broker to work out the right lender to approach in your circumstances.

Lucero_2

Cool, thanks. I've contacted L&C to see what they can do for me