Remortgage after clearing debt

Skylar34

Hello,


Can anyone kindly advise how far back bank statements are requested for a remortgage, is it 3 months or 6 months?


Situation is I have a joint mortgage with partner and have two credit cards in my name only which I am aiming to have completely cleared by December. We cannot remortgage until June next year but when we do we were hoping to borrow some extra funds to do some home renovation. I wanted to know if 6 months debt free would be enough time to allow my credit score to be ok? our current ltv is pretty low at 52% if that helps.


Lastly as we are financially linked through the joint mortgage will me having two credit cards now have a negative impact on his credit score when we come to remortgage? unlike me he is very sensible with money and saves for everything.


I am just worried that me having this debt will affect everything when we come to remortgage next year.


Many thanks

ThePants999

How big are these credit card debts? How much of your income goes on the mortgage?

Credit card debt isn't automatically a big deal. Mortgage lenders mainly care about it in two ways.
1. Your history of repaying it. If you're late with payments, that's a big red flag. If you have a long history of using credit and making timely repayments, that's a GOOD thing, it says you're likely to do the same with your mortgage.
2. Your financial commitments. They won't want you borrowing up to the hilt on a mortgage if you're also committed to paying off big credit card debt, so they take your repayments into consideration when calculating what you can afford.