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Does stoozing affect mortgage?
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vb3d
Posts: 101 Forumite


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?
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?
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Comments
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It would probably be beneficial to repay the credit card balance beore making the re-mortgage application. You can always resume stoozing after.0
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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.0
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I agree - to you it is stoozing - to a lender it is a debt outstanding.0
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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:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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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 stoozing0 -
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....0
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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.0
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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 20190
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