Affordability Check

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Hi all

Firstly, apologies if my query has previously been asked by another poster.

I will be coming to the end of my 2 year fix at 2.23% with an outstanding balance (at the end date of 31st December) of circa £76500. Currently my LTV is 47.83% and salary is £30000.

This will be my first experience of the affordability checks since they came into force, and unfortunately also coincide with the first time I am carrying debt which I am concerned about regarding being able to secure a better deal. My debt is currently: £2300 CC (0%), £600 O/D and £4200 to a final instalment on my car by end September.
I never miss a payment, however have taken my eye of the ball recently and gone over my agreed O/D on a few occasions (receiving charges).

I know I should start looking at deals from around September, however am feeling nervous that I may be forced onto standard APR due to the stringency of the affordability check.

Can anyone offer any advice please?
Edit to add: I will be short of approximately £2000 for the car and will have to take out a loan :-(

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kingstreet

Ask your current lender about its customer retention products and then none of that will matter.

The issue will arise if you remortgage, then your credit history and affordability will be scrutinised.

cakeforbrains

If you do end up wanting to move, a lot of lenders put quite comprehensive affordability calculators on their websites. You'll be able to punch in all your debts and other payments. They'll also want to know about things like childcare costs and how much you spend on commuting. Have a play around.

LOB_2

Thank you for the replies.
Given my debt, should I choose to go elsewhere to remortgage - will I potentially have difficulty in doing so please?

I meant to add that I have previously O/Pd my mortgage and have under 14 years to go, however intended on remortgaging to 10 year fixed - as soon as my financial messiness is back on track, I intend to recommence overpayments. Two products That appeal are with Santander and TSB (both of which I bank with, however TSB O/D). I anticipate I will be out of overdraft by end of August, however this still leaves me with the outstanding car loan to jiggle.

Kingstreet - from experience, would I be better having an approved O/D to the tune of £2K rather than loan when remortgaging please?

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