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remortging
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Posts: 3 Newbie
we are looking to remortgage because we want to fix the interest rate for 2 years and borrow extra to make home improvements we started with our bank who advised no problem our credit rating was one of the highest we thought we would shop around aswell and found a good rate with nationwide and applied online we were advised our application had been declined and of course you dont get to know why but i am concerned is it to do with credit rating or is their critera different, also if we continue to apply with other lenders is it affecting our credit rating - should we just stick with the banks offer
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Comments
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You've done the right thing by asking your exisiting lender first
You then have compared and found a Nationwide deal that you like - however they have declined you.
Have you got a copy of your credit files? Is it simply a case that you have been declined on criteria as opposed to your credit history i.e. they have declined because maybe they do not offer the income multiples you are looking for
Do you have many debts in the background?I 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 -
we are looking to remortgage because we want to fix the interest rate for 2 years and borrow extra to make home improvements we started with our bank who advised no problem our credit rating was one of the highest we thought we would shop around aswell and found a good rate with nationwide and applied online we were advised our application had been declined and of course you dont get to know why but i am concerned is it to do with credit rating or is their critera different, also if we continue to apply with other lenders is it affecting our credit rating - should we just stick with the banks offer
It might be helpful if you could post your property value and income and we could see why you have been declined by Nationwide and which lender might be suitable.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
property value is 200000 we are looking to borrow 96243 (19729 is interest only) combined salary is 49850 - we do have 10000 on credit cards but this didnt seem to be a problem with the bank they even offered us the same mortgage rate to pay these off - we do not have our current mortgage through the bank we just started with them for quotes0
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