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Chances of getting a further advance?
Puglets_2
Posts: 2 Newbie
Hi
I am just trying to get some advice from someone. Bought a run down house 6 months ago and have completely refurbished it including an extension. The works were all financed using various new loans and new credit cards.
Now that the work is done, we want to get a further advance to consolidate some of the debt and add this to the mortgage. This will take the LTV to 85%.
My worry is that we will be rejected due to low credit scores (house and mortgage are in joint names). Neither of us have any missed payments or ccjs etc, but our experian scores are 800 (fair) and 390 (poor) due to all the recent credit we've obtained and the fact that the credit cards are all maxed out.
Do we have a chance of being accepted for a further advance? Affordability should hopefully not be an issue - we have a six figure joint income and the mortgage once the further advance is added on will be about £250k.
Thanks in advance for any advice.
I am just trying to get some advice from someone. Bought a run down house 6 months ago and have completely refurbished it including an extension. The works were all financed using various new loans and new credit cards.
Now that the work is done, we want to get a further advance to consolidate some of the debt and add this to the mortgage. This will take the LTV to 85%.
My worry is that we will be rejected due to low credit scores (house and mortgage are in joint names). Neither of us have any missed payments or ccjs etc, but our experian scores are 800 (fair) and 390 (poor) due to all the recent credit we've obtained and the fact that the credit cards are all maxed out.
Do we have a chance of being accepted for a further advance? Affordability should hopefully not be an issue - we have a six figure joint income and the mortgage once the further advance is added on will be about £250k.
Thanks in advance for any advice.
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Comments
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This is going to depend entirely on your lender.
There's no real alternative to asking them.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 -
Ok thank you. The lender is nationwide, do you know generally if they are particularly tight for example? We can't apply for another 2 weeks...0
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No idea. Brokers don't get involved in further advances, so you'll need a response from another existing borrower.
FWIW some lenders don't allow additional borrowing which takes the total above 80% LTV, so be careful.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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