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Remortgage and 0% CC?
AFK_Matrix
Posts: 682 Forumite
Hi there,
My fixed mortgage period ends at the end of this year and will be considering staying with my existing lender and looking into finding another lender.
But I wish to take out a 0% Super Balance transfer credit card to do some work on the house. I am concerned though if this would negatively affect the remortgage? I would have had the mortgage for 5 years by the time I remortgage, all payments made on time. I have made over payments as well and my credit record is spotless.
My other question would be if I did go with my existing lender could I get them to revalue the house as it has gone up in price by around 100k and thus this would drastically affect my LTV and make my monthly payments less I would hope.
I appreciate all answers.
My fixed mortgage period ends at the end of this year and will be considering staying with my existing lender and looking into finding another lender.
But I wish to take out a 0% Super Balance transfer credit card to do some work on the house. I am concerned though if this would negatively affect the remortgage? I would have had the mortgage for 5 years by the time I remortgage, all payments made on time. I have made over payments as well and my credit record is spotless.
My other question would be if I did go with my existing lender could I get them to revalue the house as it has gone up in price by around 100k and thus this would drastically affect my LTV and make my monthly payments less I would hope.
I appreciate all answers.
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Comments
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As long as you have a good/decent credit history you will be fine, I did exactly your scenario (twice in fact) prior to a remortgage in Dec and it didn't affect me. I was even in the middle of changing current accounts and it still didn't affect the application.0
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From my experience you can get a revaluation if you remortgage with your existing lender. They'll likely charge you a valuation fee but you wouldn't need to do some of the legal fees you would if you changed lender.0
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AFK_Matrix wrote: »make my monthly payments less I would hope.
The relief may only be temporary once interest rates start to rise.
Debt is debt and will be factored into any decision a lender makes. Irrespective of your previous history.0 -
Halifax automatically adjusted our house price according to their data - which is available on their site and used it for LTV calculation.
No idea about the 0%Cc. But it's a good point - hmmm could get a few things sorted at home.“Don't raise your voice, improve your argument." - Desmond Tutu
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It does not matter if it is a 0% CC or a 18.9% CC or what ever it is debt. They will look at all your debt against your guaranteed income when they calculate you ability to service your mortgage and therefore their decision as to how much they are willing to lend you.
Dark in here, is't it...0
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