Does stoozing affect mortgage?

I am on a mortgage and started stoozing
At the end of the current two years term I am planning to apply for another 2 year fixed rate.
Will the stoozing (paying minimum) affect the decision?

Replies

  • Ben8282Ben8282 PPR
    4.8K Posts
    1,000 Posts Combo Breaker Newshound!
    Forumite
    It would probably be beneficial to repay the credit card balance beore making the re-mortgage application. You can always resume stoozing after.
  • splatt30splatt30 Forumite
    338 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    When I was discussing house move mortgage earlier in the year the £10k stooze affected the amount I could borrow by £70k, so in my experience, yes. I had to clear away the stooze, and I did this 4 months before applying for the mortgage.
  • jonesMUFCforeverjonesMUFCforever Forumite
    28.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    I agree - to you it is stoozing - to a lender it is a debt outstanding.
  • HappyMJHappyMJ Forumite
    21.1K Posts
    Forumite
    vb3d wrote: »
    I am on a mortgage and started stoozing
    At the end of the current two years term I am planning to apply for another 2 year fixed rate.
    Will the stoozing (paying minimum) affect the decision?

    Yes and no. If you're staying with the same lender in most cases it won't make any difference.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • vb3dvb3d Forumite
    100 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    The product I am considering is with the same lender.
    If I get rejected, will I have a chance to ask why and answer their question about the credit?
    If I get this chance, can I show bank statements of my savings to ensure the lender of my financials? Will this make a difference?
    Not sure what to say if they ask me why don't I clear the credit, surely not stoozing :p
  • It is actually somewhat rare for a lender to reveal exactly why they are declining to lend, however of all the types of credit you could apply for, a mortgage application is probably the most likely type to result in a more detailed explanation if you push gently. The presence of a broker can also sometimes mean you get a more accurate reply as to why an application is declined. However you mileage may vary and you may not get a clear response, if they are feeling evasive....
  • daniel86_2daniel86_2 Forumite
    49 Posts
    It possibly could, a debt is a debt whatever reason it exists, and any mortgage application would take this into account with many other factors they use to deem if your application is successful.
  • engineer_amyengineer_amy Forumite
    803 Posts
    I've been Money Tipped!
    If you are staying with the same lender and not making any material change to the mortgage i.e. amount borrowed or length of term, then the lender may not do a credit check to simply put you on a new deal.
    If this is your situation then a quick call to the mortgage centre of your bank/lender should give you a more definitive answer as to whether they will take your credit card balance into account at the time of applying for the deal.
    Mortgage = [STRIKE]£113,495 (May 2009)[/STRIKE] £67462.74 Jun 2019
This discussion has been closed.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android

MSE App

Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools