We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Initial Consult
Golds113
Posts: 1 Newbie
Hi,
Could really do with some advice please? I have a good rate with Natwest in which I am able to port! The idea is to down size and release some capital from my property. However since taking out my current mortgage deal I have entered a debt management program, which in turn has given me a poor credit rating due to defaults being registered on my credit file. My question is: Would Natwest still keep me on the same rate considering my poor credit rating even if I did pass all the affordability checks? or would they likely pull the deal? My worry is highlighting to the mortgage company my situation? and risk losing my rate and potentially my mortgage?
Could really do with some advice please? I have a good rate with Natwest in which I am able to port! The idea is to down size and release some capital from my property. However since taking out my current mortgage deal I have entered a debt management program, which in turn has given me a poor credit rating due to defaults being registered on my credit file. My question is: Would Natwest still keep me on the same rate considering my poor credit rating even if I did pass all the affordability checks? or would they likely pull the deal? My worry is highlighting to the mortgage company my situation? and risk losing my rate and potentially my mortgage?
0
Comments
-
The lender can not pull your deal if you stay where you are.
They can decline you for moving house. Chances are, they probably will. Although you could appeal the decision on the basis that you are reducing the loan amount and the risk factor (assuming you keep the loan amount at the same loan to value or lower).I am a Mortgage AdviserYou 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards