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Mortgage query
checkmate2000
Posts: 20 Forumite
Hi all
I know which mortgage i am going for and which package is best but i also want to withdraw £10k for personal use from mortgage.
House value - £470900
Mortgage remaining - £260,000
Like to withdraw £10,000
Mine and my mrs credit score is 999 and 980 at present so very good.
My only concern is, if i was to fail mortgage process with first direct for example due to there strict processes for whatever reason would that be dent in my credit score and have me issues in getting another mortgage?
Due to that is it better i go with mortgage advisor? Who can check my score in advance and then say i wont get that mortgage so dont go or that etc ? Or am i worrying for no reason
I know which mortgage i am going for and which package is best but i also want to withdraw £10k for personal use from mortgage.
House value - £470900
Mortgage remaining - £260,000
Like to withdraw £10,000
Mine and my mrs credit score is 999 and 980 at present so very good.
My only concern is, if i was to fail mortgage process with first direct for example due to there strict processes for whatever reason would that be dent in my credit score and have me issues in getting another mortgage?
Due to that is it better i go with mortgage advisor? Who can check my score in advance and then say i wont get that mortgage so dont go or that etc ? Or am i worrying for no reason
0
Comments
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As long as the affordability sits with them, credit scores of those would be absolutely fine. Remortgaging and taking money out for something else would be important to check in reference to the lenders criteria and that they are happy with the reason as to why you're taking the money and what for so quiz that with them before you submit an application to do that and release equity.
What is the reason for the £10,000 release?I am a Mortgage & Protection Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Wanted to do some building works, loft insulation and roof tile replacement. not sure if this is a good reason to release equity?0
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Home improvements is a completely viable reason and based on the higher mortgage amount and property value, this seems to fit fine and no reason why they would say no.I am a Mortgage & Protection Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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