mortgage condition

hagler

Hi guys just needed some advice. If you receive an offer with a condition saying:

"You have to pay of all your credit cards and then not undertake any further borrowing."

I mean are they saying once you have paid of your credit cards you can not use them anymore?

david29dpo

i have never heard of this and find it difficult to believe.

hagler

Hi, that is exactly what its saying, but i dont understand whether it means you can not take out a loan as further borrowing or it means you can not use your credit cards which i guess are also a form off borrowing even if you pay them off every month.

david29dpo

what leader is this with?

hagler

Its with barclays.

Another question if anyone can help, im doing a remortgage and borrowing against the extra capital in the house. Can someone explain what happens to the title deeds with a remortgage.

Madjock

Sounds like Barclays are trying to make a lifestyle choice for you, I'd be telling them to **** off.

The title deeds will usually be held by the lender till you remortgage elsewhere or pay off the mortgage.