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Paid of mortgage on credit check?
hwalkerh
Posts: 307 Forumite
Anyone know how long it might take from paying off a mortgage to it going off your credit report?
We are paying off the mortgage on our property to take a new one on the new property. We will pay of the mortgage this week and then be looking to arrange the new one but i am worried that it will be showing still when i go for a mortgage?
I guess the best thing would be to take out the new mortgage with the same company?
We are paying off the mortgage on our property to take a new one on the new property. We will pay of the mortgage this week and then be looking to arrange the new one but i am worried that it will be showing still when i go for a mortgage?
I guess the best thing would be to take out the new mortgage with the same company?
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Comments
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Why are you concerned? Make the new lender aware that the current mortgage will be repaid prior to completion of the new one.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
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As long as it is that simple. It will be paid prior to even going for an application but worried if it would still be showing.0
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If you are remortgaging, why not let the solicitor pay it off as he handles the transfer?
As GMS said, if you simply indicate on the application that the mortgage will be paid off on, or before, completion, the new lender will be quite happy.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We aren't doing a straight forward remortgage (i don't think but i am getting really confused) as we are paying off the current property and will take out mortgage on new property (for the full amount we are allowed on a mortgage).0
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That's not a remortgage.
A remortgage is a new mortgage with a new lender, raised on the property you currently own, to repay the old one.
You are simply a homemover getting a new mortgage for a new purchase.
When you apply for the new mortgage, you simply tick the box next to the details of your current mortgage which reads "please tick to indicate current mortgage will be repaid on or before completion of this new one," or words to that effect.
It doesn't matter that the current mortgage is still in existence at the point of application.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks Kingstreet, that is a relief to know, been stressing about it while waiting for Thursdays appointment. The current mortgage is to be settled next Wed but hoping to get decision in principle on thursday and to start to progress the mortgage app0
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