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Agreement in principle and beyond

Kered_Eels
Posts: 2 Newbie
Hi,
I'm currently beside myself with stress and looking for some hope through numerous Google searches and the like, which have lead me here.
My wife and I are currently up for remortgage, we have opt'ed to use a broker this time around. As part of this we are taking more money out to consolidate our credit card debt from when we got married.
We have had a agreement in principle accepted and are just waiting for the final nod, I am however stressing like a mad thing on if it will be accepted or not.
All affordability checks have been completed and debts submitted by our broker and he has said things look 'good'
Seeing that our debt issues are due to the credit cards and will be cleared by the remortgage, thus leaving us in a, quite frankly, amazing financial situation, would anyone know what the odds are our remortgage will go ahead?
I appreciate that it's a very broad thing to ask, just hoping for some reassurance before I go mad waiting for the 10th of March to come around.
Mortgage will be £207k
Debt of around 30k removed
5 year fixed rate at 2.23%
Credit check clear of defaults with one possible late payment, on a card that will be no more if the remortgage goes through.
and currently we still have disposable income each month
Thanks in advance for any words of wisdom or advice.
PS. Credit cards are evil, I will never be using them again, I learnt this the hard way...
I'm currently beside myself with stress and looking for some hope through numerous Google searches and the like, which have lead me here.
My wife and I are currently up for remortgage, we have opt'ed to use a broker this time around. As part of this we are taking more money out to consolidate our credit card debt from when we got married.
We have had a agreement in principle accepted and are just waiting for the final nod, I am however stressing like a mad thing on if it will be accepted or not.
All affordability checks have been completed and debts submitted by our broker and he has said things look 'good'
Seeing that our debt issues are due to the credit cards and will be cleared by the remortgage, thus leaving us in a, quite frankly, amazing financial situation, would anyone know what the odds are our remortgage will go ahead?
I appreciate that it's a very broad thing to ask, just hoping for some reassurance before I go mad waiting for the 10th of March to come around.
Mortgage will be £207k
Debt of around 30k removed
5 year fixed rate at 2.23%
Credit check clear of defaults with one possible late payment, on a card that will be no more if the remortgage goes through.
and currently we still have disposable income each month
Thanks in advance for any words of wisdom or advice.
PS. Credit cards are evil, I will never be using them again, I learnt this the hard way...
0
Comments
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Without you telling us the property value or loan to value, it's impossible to speculate.
The higher the LTV the fewer the lenders you will have to choose from on a debt consolidation remortgage.
If under 75% you should have the whole market. At 90% you'll have a very small pool. As you move from one up to the other, lenders will fall by the wayside as you pass 80% and then 85%.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Remortgage value is 207k including the additional borrowing and our house is valued around 370k0
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