Cant Mortgage due to Credit Cards

FireWyrm

Try Halifax. They always boast that they say 'yes' to 90% of applications. Santander arnt the only fish in the sea. Halifax have their own system for valuations which appears to be slightly different from other lenders.

However, take this as a wake up call and do something about that debt. £16K is not acceptable and you dont want to be carrying it around. Rejig your finances and pay it off pronto.

Any finance on cards, (used or not) is 'potential' debt and taken into account so close any old cards you dont use. Your 'experian credit score' means jack !!!!! in the grand scheme of things, it's a number that they hope you'll be stupid enough to actually pay money for. It doesnt mean anything at all as mortgage lenders have their own criteria which they measure you against.

Mergic

Paveway wrote: »

Our combined debt is around £16300
... Monthly out is £290 for cards.

Santander's SVR maybe high compared with some offers on the market but it's still a damn sight lower that the interest rates on your credit cards which you only are scrapping the surface of clearing (if paying more than interest at all). Wouldn't it be better to focus your energies on consolidating the credit card debt and clearing this asap than trying to re-mortgage? Clearing some of this debt while interest rates are low should help you to get a decent fixed rate in the next couple of years before rates go up.

FireWyrm

Mergic wrote: »

Clearing some of this debt while interest rates are low should help you to get a decent fixed rate in the next couple of years before rates go up.

To late. Interest rates are going to rise next year and if you can, you should fix now. Mortgage rates (thanks to the great wads of money the government threw at the banks) are as low as they are ever going to go. The only way from here is up, and sooner rather than later. The BOE has no choice despite what the government thinks.

Mergic

Interest rates may go up a little in the next couple of years but it's going to take a lot of bad fiscal management to make them rocket. It would make more sense to clear the most costly debt now to help get a decent mortgage rate with a decent provider than to have to resort to fixing on a higher rate with a provider who is willing to lend to riskier customers.