Remortgage Situation advice

LemmingC754

Hi everyone,

I'll keep this as short and sweet(!) as i can - thanks for reading and any comforts spoken.

All my family has moved up North and i'm with my fiance in Surrey.  I bought a house last year in May (£322k) with a substantial deposit and my mortgage was approved by Nationwide, lending me £134000.  My fiance doesn't work as she is disabled and has severe mobility issues.

Being far away from family and having a couple of job changes, we have decided to bite the bullet and move up North - my new job starts in about 2 weeks time on a modest (£26300 with ote of £31k).

I have never missed a payment on my Mortgage (with a fixed rate of 1.98% for 5 years (4 left) and had about £6500 0% on credit cards at the time of approval.

I have found a property up North which is £290k, (as it's cheaper up there and my existing property valuation has gone upto around £340k) and whether needlessly or not i am very worried that i won't be approved for the new property given my new 0% balances add upto around £11k - so much so it's making me feel very depressed and worrying about it.  I had a 2 year and 4 month plan to have them paid off by the time the 0% ends but the move is now throwing up challenges of 'will they, won't they' approve it.

To be clear, i have no issues in 'juggling' these or meeting commitments and end up with enough at the end of the month - so I would say i'm 'comfortable' currently but the sudden moving is throwing everything under more scrutiny - with the calculators i've used it says i could only get a property at around £240k roughly (despite my hefty deposit) leaving me high and dry without a move to be done unless going for a smaller property - we have a baby on the way as well which i'm delighted/nervous about - due in October.


In short, is my 0% credit card insurmountable (from the point of view of remortgaging) or if my rating is excellent (912/1000 and affordability is 91/100) is there light at the end of the tunnel?  I realise talking with my Mortgage provider would be best course to get their spin on it - but if i wasn't moving at all everything would be fine.

LemmingC754

Managed to get my debts down to £8900 - plan to be paid off within 2 years 4 months at £300 per month.  Despite this and my equity in the property/deposit for the next, neither porting or anything has been given an AIP from my existing lender so now completely stuck or looking elsewhere - even looking at cheaper places it has a negative answer.  I shall plough on and go back to renting for the time being it seems as an immediate measure.

On the bright side, at least I'll be living in a cheaper area up in the sunny North and eventually debt free.

vampirotoothus

Hi, if you will make a profit on the sale of your current property does it allow you to pay off your debts and then port the mortgage?

LemmingC754

Hi - the lady did say i could try this way - but still it declined - she 'implied' the debt whilst not ideal, was not the factor holding me back - though i fail to see what else is.  They've kindly referred it to see if they can 'treat it more individually' as they said.

I shall update with any news.  Thanks for the suggestion though