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Remortgaging - credit checks/title deeds
flea72
Posts: 5,392 Forumite
Currently on fixed rate mortgage which is due to end shortly, so looking to remortgage
However, since taking out mortgage i have become a student and am no longer working. I also have a large CC debt in my name
I am now thinking that if they do a credit check, my lack of income and huge CC debt, will affect our lending potential? Currently have about £40k outstanding on mortgage, which is slightly less than 3x OHs income, so im assuming would be no problem getting mortgage in just his name? Will the bank want my name to be taken off the deeds too, or as we are married, is this not an issue?
When applying for any finance in the future, they always ask if you are renting or home owner? Since i will not be on the mortgage, nor own the house outright, do i no longer tick the homeowner box? Will not having a mortgage affect my future ability to get credit?
Tia F
However, since taking out mortgage i have become a student and am no longer working. I also have a large CC debt in my name
I am now thinking that if they do a credit check, my lack of income and huge CC debt, will affect our lending potential? Currently have about £40k outstanding on mortgage, which is slightly less than 3x OHs income, so im assuming would be no problem getting mortgage in just his name? Will the bank want my name to be taken off the deeds too, or as we are married, is this not an issue?
When applying for any finance in the future, they always ask if you are renting or home owner? Since i will not be on the mortgage, nor own the house outright, do i no longer tick the homeowner box? Will not having a mortgage affect my future ability to get credit?
Tia F
0
Comments
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Irrespective on being named on the mortgage or not. You will be deemed to a financial dependent. So will impact any affordability calculations.0
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Are you remortgaging, or asking current lender for a customer retention product?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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Hopefully sticking with current lender0
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Sticking with current lender is a product retention rather than remortgage, and means you shouldn't get credit checked etc.
Moving lenders will incur a complete new credit application etc, and is called a remortgage.0
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