Natwest re-mortgage chances

veteran7

Hi, We going for re-mortgage on our house,it's worth 240, 000 with 62, 500 left to pay.
We are trying to borrow 130,000 to pay 39,900 of debts off and for home improvements.We have never missed a payment on our credit or mortgage payments.
I have had a few wonga loans but all paid off now.Have £3,300 overdraft though.My wife does not work but they taking tax credits etc into account witch is £1,200 a month.
Our mortgage broker is quite confident we will get it but what do you guys think?

thanks

ExpertAdvice

Hi,

Are you trying to borrow £130K with £39K debts, some past Wonga loans, and £3,300 overdraft on just tax credits etc of £1,200 a month?????

Dave_Ham

Not confident, Natwest and payday loans do not mix

If your broker is super efficient they may have checked the appropriate credit file, but if they just want to use 100% of additional income then this is a bad call in my opinion.

veteran7

Hi, just to add I earn £23,000 a year.

My mortgage broker phoned to say that Natwest have done a drive by valuation and gave a figure of £217,000,so now broker is putting us on a new deal with natwest,did not think we would even get to valuation stage!

Landofwood

veteran7 wrote: »

Hi, just to add I earn £23,000 a year.

My mortgage broker phoned to say that Natwest have done a drive by valuation and gave a figure of £217,000,so now broker is putting us on a new deal with natwest,did not think we would even get to valuation stage!

So you were already with Natwest, and just looking to make some additional borrowing?