Replacing existing morgage with lower rate Morgage

mstar

Hello guys

I have been advised to look for better offers regarding morgage rates then my current provider. I recently taken out a CC to transfer my balance, i was wondering if my financial advisor gets me a better morgage deal will credit searchs be performed? and me taking out a new CC impact this?

i was thinking of cancelling my other CC card just to make me more attractive to lenders as i dnt need the additional credit on the CC.

what do you guys think?

LisaT186

Maybe lower the credit limit so that it doesn't seem like you have a mssive amount available to you. Some lenders do worry that you will go and max your credit cards immediately after remortgaging!

if that is really your only credit search recently, it won't be a problem.

With the balance transfer, although it may be on 0% and therefore cheap to you, it will affect borrowing amounts as lenders deduct payments according to their own calculations. EG £10,000 may be deducted from your income at up to 5% £500 per month or £6,000 a year. This amount would come off your salary before income multiples were applied reducing your borrowing capabilities.

mstar

thanks mate, i am getting a remorgage deal but even if i cancelled my old cc it wnt make a difference the next day or so. I was worried my recent approval of a CC (which makes myt total Credit available is over 25k for both cards) will hinder my application? am i worrying for nothing? as i could do with a better deal as my morgage payments are too high :-(

LisaT186

Probably won't affect it too much, i know my husband and I have quite high limits and it hasn't affected us too much. If it does become a problem you can always ask the CC lender to reduce the limit and confirm in writing when its done.