Chelsea Cashback

asandwhen

I am going to be purchasing a property in August and am thinking of going to Chelsea to take advantage of there cashback deal.

The motgage is for 162000 on a house worth 180000 - The reason I want the cashback is because I was going to be applying for a loan after the purchase to pay for some improvements but could use the cashback instead.

The repayments would be around £1130 (fixed for 5 yrs) on a 25yr mortgage as apposed to £980 on a normal mortgage. Cashback is £9700

I have some questions though as im worried im doing the wrong thing.

Do I earn enough to go through Chelsea - I earn £30,000 and my wife earns £22,500 (need £162,000)?
How strict is Chelseas lending criteria - My wife has a default from 4 years ago that has been settled for 4 years - My credit rating is squeaky clean.

Your help would be greatly recieved

asandwhen

anyone ??

startrekker

Lending criteria is basically the same, they will all have do do a credit check, as far as the mortgage amount goes I think you earn enough between both of you. However, other facts are taken into consideration as well such as loans, credit card debt etc etc.

I would pick up the phone and ask an dput your mind at rest

asandwhen

anyone else with any other knowledge of chelsea building society