Chances of a remortgage?!?

Summ14

Wonder if you could help me....

What are the chances of remortgage being accepted on following:-

House value £200,000
Mortgage outstanding £130,000
Want to borrow £150,000 over 20 years
Income £52,000
Only debt credit card £8,500 always made payments

Many thanks in advance :-)

nubbins

I would say yes. I did similar i.e borrowing more than currently outstanding on the mortgage using Nationwide. The only problem you might have is that Nationwide would only lend me 75% because the extra funds were to be used for something else (a BTL in my case) but they also undervalued my house between 25 and 50k to cover their backside. So you may have had valuations from estate agents or doing your own research but the lenders surveyor may say differently. Other lenders may have different criteria.

Good luck

Summ14

Thanks for your reply

The extra would be for home Improvements and the credit card debt would continue to be paid after the completion of the remortgage.

Thrugelmir

Why not repay your existing debt before taking on more? (Asked with my lenders hat on). If you can afford to service an increased debt level why the high level of existing debt.

Summ14

My OH not aware of it :-( and not sure I want him to know

Just running scenarios through my head first and was just seeing the chances of acceptance with it outstanding first or whether I accept a gift and reduce it by £5k if I can.

Thanks in advance