Remortgage Worrys

simps100

Hi all

Have a mortgage with a friend which is coming to the end of its low rate in September so we are looking into options of a better deal.

We currently owe 166,000 with Natwest.

One thing worrying me is both our credit ratings have taken a slight hit since we first got the mortgage - primarily due to home improvements which are being paid off on 0% credit cards - neither of us have missed a payment and our mortgage has always been paid on time.

Is this likely to affect what we can do, even if we stay with Natwest on a different deal?

Thanks
Marc

stator

What's your LTV?

CC debt shouldn't have much of an effect if it's well serviced.

Thrugelmir

simps100 wrote: »

neither of us have missed a payment and our mortgage has always been paid on time.

Vast majority of people don't until an unexpected event occurs. As they've no capacity to cope with a financial shock. Lenders are assessing the probability of you repaying the mortgage without any issue over the remaining term of the mortgage which could still be many years.

foxy-stoat

simps100 wrote: »

One thing worrying me is both our credit ratings have taken a slight hit since we first got the mortgage -

Worry not Marc, as lenders pay no attention to credit ratings, and neither should you.