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Borrowing on Current Mortgage
rivertom
Posts: 14 Forumite
Hi everyone, I wondered if any have had experiences of this;
I'm looking to borrow £25k on my current mortgage, the LTV will be 65% with the extra funds so no issue there. What I may find is that it fails at credit score stage, it's a mortgage with my parents and both have a score of 999 with Experian - mine however is 428 due to mistakes in the past year or so. No one has ever missed a payment, there's just £25k on my head which I intend to payoff with the extra money.
Santander have been great so far, done the affordability checks etc, just waiting for the final credit check for a decision I principle.
Any experiences of this? Chances of success with one of th three letting the side down?
Any comments great!
TC
I'm looking to borrow £25k on my current mortgage, the LTV will be 65% with the extra funds so no issue there. What I may find is that it fails at credit score stage, it's a mortgage with my parents and both have a score of 999 with Experian - mine however is 428 due to mistakes in the past year or so. No one has ever missed a payment, there's just £25k on my head which I intend to payoff with the extra money.
Santander have been great so far, done the affordability checks etc, just waiting for the final credit check for a decision I principle.
Any experiences of this? Chances of success with one of th three letting the side down?
Any comments great!
TC
0
Comments
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Have you made a full application or just a decision in principle?0
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All details have been given and proof of earnings etc sent over, just one p60 to send over. From there they'll credit check and let us know what can or can't be done...0
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'Mistakes in the past year or so' what kind of mistakes?
Santander are not major fans of 'mistakes'.
There should be other options out there if Santander say no.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
There are no defaults or ccj's or anything, just built up a lot of the debt with an ex partner so mistakes are should have known better and not be influenced by people...0
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Late payments? You don't get a crap score (useless for mortgage purposes though it may be) by just having lots of debt. What are you not admitting to?0
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The only thing I can see from my credit report are lots of searches, which I've not made, I have asked for notes to be put on my file and investigated accordingly0
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No late payments on anything at all - ever!0
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What do you want to do with the loan, improve the property? pay off your other debts? buy a car?
They might be more understanding of improvements.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
To pay off everything, I've provided statements to show what I owe etc ...0
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