Stoozing & credit rating for remortgage

scl_2

Hello

Before I start stoozing,
I'll need to remortgage in September 2008
if I have £5000 in debt on a creidt card will it effect my credit rating & cause me a problem when remortgaging?

I currently dont have any problems with my credit rating
only debt is my mortgage.

Thanks

Zebedee69

If have never owned a credit card and your only debt being the mortgage you might have an issue getting a credit card as you probably dont have a massive amount of history.

Other than that stoozing wont damage your rating.

YorkshireBoy

Zebedee69 wrote: »

Other than that stoozing wont damage your rating.

I disagree.

Yorkshire Building Society, for example, take 36% (ie, around 12 months of 3% minimum payments) of your credit card debt off your declared salary before applying their, say, 4 x salary lending multiple.

However, if you are simply switching product with your existing lender then it isn't a problem because, in my experience, they don't credit search you providing you're not increasing your borrowing.

Recent stoozing site article: Will stoozing affect my mortgage application.

17Dave

Yorkshireboy is right the amount of outstanding credit IS taken into account when calculating your mortgage.

Be a bit careful when stoozing - too many credit searches and applications can also affect your credit record.

I gained a client after their previous "adviser" did 5 credit searches via decisions in principle without the clients knowledge - they eventually were rejected for the mortgage with the original recommended lender.

However, if your salary and loan to value are OK - go for it - if you can get the lowest transfer fees on 0% why not use someone else's money - I invest some in ISA's at 6% after paying only 1.5% to the credit card company - OK I'll never make a million but it's better in my pocket!

scl_2

Thanks for the replies

after reading the stoozing site I think I'll wait until after I've remortgaged.
Mortgage is just under 2x combined salary so probably wouldnt be a problem
but dont want to take any chances with some thing as important & expensive as my mortgage

Thank again