remortage advice please

Spudsmum_2

My husband is on the mortgage and we both have low credit ratings as we have no credit cards, credit agreements ect the only thing really is Paragon and our mortgage and utility bills etc . We have mobile phones and are paying monthly for a car which was because we needed a car and also to show some credit history etc... Daft question should we now consider these credit building cards? Is it worth me getting a car deal type thing as well? So reluctant to as being in debt again frightens me to death....

Thank you for your advice it really is greatly appreciated. We can see that some things are listed but show settled dates some dated 01.2015 and I understood that these fall off after 18 months....so I guess no credit as such to show as only have mobile phones etc which in the grand scheme are quite small.....

Anyway I waffle greatly!! Any advice would be gratefully received along with any helpful hints too!!

MortgageMamma

Spudsmum wrote: »

My husband is on the mortgage and we both have low credit ratings as we have no credit cards, credit agreements ect the only thing really is Paragon and our mortgage and utility bills etc . We have mobile phones and are paying monthly for a car which was because we needed a car and also to show some credit history etc... Daft question should we now consider these credit building cards? Is it worth me getting a car deal type thing as well? So reluctant to as being in debt again frightens me to death....

Thank you for your advice it really is greatly appreciated. We can see that some things are listed but show settled dates some dated 01.2015 and I understood that these fall off after 18 months....so I guess no credit as such to show as only have mobile phones etc which in the grand scheme are quite small.....

Anyway I waffle greatly!! Any advice would be gratefully received along with any helpful hints too!!

Its your decision as to whether to get credit building credit cards but think carefully - do you need the extra debt? Would it make a significant difference to your scores in the timescale you have for remortgaging and doing the extension? - probably not. Like I said earlier, not all lenders are concerned about scores. I've had people with high scores declined for mortgages - a lenders decision to lend you money on a mortgage is a lot more sophisticated than just seeing someones credit score and agreeing/declining. You need to get your settlement figures, get quotes for the work you wish to do plus planning permission if applicable, and whilst all this is going through you need to get an affordability assessment done to make sure you can borrow enough money to repay the secured loan and raise funds for the extension. Its quite a lot to be going on with but if you take it step by step and get the right advice from the outset you can do it x

Spudsmum_2

How do I get an affordability assessment done? Who would do that? Is it something that I do? I am seeing a builder next week and waiting for contact from another at the moment! Big thank you x