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Is 6 months debt free enough when remortgaging?
Kavanne
Posts: 5,093 Forumite
Until the end of June I had around £30,000 of personal debt (car finance, 0% credit cards, home improvement loan) but I paid this all off when I sold another property I owned. Will being debt free for the last 6 months be good enough for lenders when I come to the end of my current deal in December? Or should I wait another 6 months and stick on the SVR until it's been a year without debt?
Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'
0
Comments
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You don't have to wait six months.
In most cases, lenders are happy that you'll repay credit on, or before completion.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 -
Oh great. The six months is just because my current deal runs til December and I don't want to pay early repayment penaltiesKavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0
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