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Having difficulty remortgaging
ferry
Posts: 2,017 Forumite
Need a quick bit of advice please.
We are in the market to remortgage as its due but we’ve been made aware by our broker that we will struggle due to affordability this time round (reduced earnings and CC debt) even though our LTV is sub 50%, but have been offered a good deal by our current lenders NatWest
If this turns out to be our only option will we need to do a new application with them in terms of statements ,all other related docs and will the credit check us again etc?
Thanks as usual
F
We are in the market to remortgage as its due but we’ve been made aware by our broker that we will struggle due to affordability this time round (reduced earnings and CC debt) even though our LTV is sub 50%, but have been offered a good deal by our current lenders NatWest
If this turns out to be our only option will we need to do a new application with them in terms of statements ,all other related docs and will the credit check us again etc?
Thanks as usual
F
:j
0
Comments
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No. A customer retention product, or "product transfer" with your existing lender needs no further underwriting as long as you make no other change to your arrangements, such as increased borrowing.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
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Many thanks
Out of interest if we ask for a further advance to clear our CC debt too(around 6K) but this is declined on affordability can they then decline/withdraw a new core mortgage deal?
Thanks:j0 -
AFAIK they are separate issues and they are stuck with your existing mortgage whatever happens.
Only your lender can confirm this, though.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 -
Why not remortgage first with Nat west and then apply for additional borrowing a week or so later?
That way you'll have the remortgage in the bag0
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