Remortgaging

Jbriscoe

Hi, I am at the end of my initial 2 year offer in my mortgage and about to remortgage. We currently have a excellent credit rating, however this month by complete error on our part in the account we pay for our bills we went in to an unarranged overdraft. As soon as we realised what happened we paid this off but that was a couple of days after the matter. Will this effect our credit rating much and likely effect a mortgage application? It's the first time anything like that has happened. My bank wasn't very helpful when I spoke with them.

kingstreet

Are you really planning to remortgage (new mortgage from new lender to replace current one) or are you going back to your existing lender for a customer retention product?

If the latter, it will have absolutely no impact at all. In the case of the former, it will depend on the lender, the CRA used by that lender, the CRA used by your bank and how quickly the issue becomes visible, if it becomes visible at all.

Jbriscoe

Thanks very much for getting back to me. We are properly movingly lender so fingers crossed it doesn't become an issue. It shouldn't as it was an isolated issue that was resolved quickly

Thrugelmir

Jbriscoe wrote: »

My bank wasn't very helpful when I spoke with them.

What did you expect the bank to do. Other than simply report the facts. As you say, you promptly rectified the situation so may well not register at all.

dimbo61

Before you jump Lenders and go to the expense and hassle of remortgaging to a new lender why not check what deals your current lender has for existing customers