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need to remortgage but have concerns!!
fatblokexl
Posts: 456 Forumite
our current fixed rate with Northern rock ends 1/11/07.
we have been told our reayments will go up to approx £1040 pm (currently £970pm).
we have a secured loan also with NR as wee needed 125% mortgage to but this property.
we intend to switch provider as i am always looking for a bargain and i am attracted to Chelsea due to the cash back offer. based on our est £7500-£8k.
Chelsea say most fees can be deducted from this as the cash back could be arranged to be paid on completion date.
no issues so far...
i have recently applied for a new credit card (wife nagging about interest rates on outstanding balance and ideally need to transfer and make use of 0% interest on balance transfers etc) but have been declined several times.
i have a few debts totalling £23k never missed a payment on any of these so i presume my score is low due to overall size.(if i win the lottery all i ask is that it's enough to clear this lot) and here is where my concerns kick in.
Chelsea initially don't forecast any problems getting a mortgage with them although credits scoring is used.
my main worries are...
1) what if i go through all the application process and find out due to credit scoring they cant proceed?
2) could Northern rock hike any new rate with them in light of adverse credit? (in other words, if we take out a new deal, do they credit score first?)
any advise on this welcomed or if anyone knows what happens from a provider point of view when renewing greatly received
we have been told our reayments will go up to approx £1040 pm (currently £970pm).
we have a secured loan also with NR as wee needed 125% mortgage to but this property.
we intend to switch provider as i am always looking for a bargain and i am attracted to Chelsea due to the cash back offer. based on our est £7500-£8k.
Chelsea say most fees can be deducted from this as the cash back could be arranged to be paid on completion date.
no issues so far...
i have recently applied for a new credit card (wife nagging about interest rates on outstanding balance and ideally need to transfer and make use of 0% interest on balance transfers etc) but have been declined several times.
i have a few debts totalling £23k never missed a payment on any of these so i presume my score is low due to overall size.(if i win the lottery all i ask is that it's enough to clear this lot) and here is where my concerns kick in.
Chelsea initially don't forecast any problems getting a mortgage with them although credits scoring is used.
my main worries are...
1) what if i go through all the application process and find out due to credit scoring they cant proceed?
2) could Northern rock hike any new rate with them in light of adverse credit? (in other words, if we take out a new deal, do they credit score first?)
any advise on this welcomed or if anyone knows what happens from a provider point of view when renewing greatly received
fatblokexl
:EasterBun:
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