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Mortgage decline

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pkg75
pkg75 Posts: 7 Forumite
in Mortgages & endowments
Hi
We have had a re mortgage decline due to high credit card debt.
I kind of expected this so don’t want to try anywhere else and rack up more declines.
My main concern is that we are on an interest only mortgage now and wanted to switch to a repayment before the interest rates rise.
Do you think my current mortgage provider will be able to do anything without affordability checks etc?
Thanks

Comments

  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Why not make overpayments to your current Mortgage?

    Some lenders are worse than others on debt, it could just be that you went to the wrong lender. Have you spoken with a broker?

    Worse case scenario if you do get another decline, you can still overpay on your current deal.
    I am a Mortgage Adviser
    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.
  • pkg75
    pkg75 Posts: 7 Forumite
    Thanks for the reply. Yeah we could overpay but would have preferred to lock in a deal with the impending interest rate rises.
  • pkg75
    pkg75 Posts: 7 Forumite
    Does anyone have any advice for approaching my current mortgage lender?
  • dld2s
    dld2s Posts: 441 Forumite
    Part of the Furniture 100 Posts Combo Breaker Uniform Washer
    edited 26 October 2017 at 8:21AM
    Some of the mortgage company's will not do a full credit check on a re-mortgage if you are already with them and things haven't changed (our's didn't) but as far as I know you still have to go through your affordability check (income, expenses etc.) I think it's something the FSC put in place? When I went through mine I put minimum payments down for my CC bills etc.
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I would go to a broker in your case. Remember you have never been in this situation before but a broker should have seen it dozens of times.
  • YHM
    YHM Posts: 650 Forumite
    As above. Brokers are seasoned in knowing which lenders have more relaxed DTI (Debt to Income) calculators, which could be the difference between an accept and a decline.
    I am a Mortgage 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
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    PKG, have you asked your current lender if they can lock you into a suitable fixed rate now and then allow you to overpay within limits without penalty?
    I am a Mortgage 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.
  • pkg75
    pkg75 Posts: 7 Forumite
    Hi
    Thanks for all your advise. I have gone to a broker and she has got us a an AIP with NatWest so fingers crossed everything goes ok with the full application!
    Thanks
  • Cortina123
    Cortina123 Posts: 8 Forumite
    pkg75 ,
    how is your application going, im in similar situation and just put in full app. with natwest.
    did they come out and do a valuation?
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