Have I screwed up - product transfer

freshstart2023

My LTV is currently 40% and we applied for additional borrowing which was declined based on affoard ability/credit check (we have credit card debt we are trying to pay off) We were intending on staying with our existing lender when the time comes to remortgage as due to current credit ratings I think we would struggle elsewhere. My question is..have I screwed up by applying for additional borrowing as I’ve disclosed all credit card debt to my mortgage provider during the application. Will this now be taken into account when my mortgage is due for renewal? Will this trigger my lender to run affordability checks again rather than simply allowing us to product transfer? Thankyou 

housebuyer143

freshstart2023 said:

My LTV is currently 40% and we applied for additional borrowing which was declined based on affoard ability/credit check (we have credit card debt we are trying to pay off) We were intending on staying with our existing lender when the time comes to remortgage as due to current credit ratings I think we would struggle elsewhere. My question is..have I screwed up by applying for additional borrowing as I’ve disclosed all credit card debt to my mortgage provider during the application. Will this now be taken into account when my mortgage is due for renewal? Will this trigger my lender to run affordability checks again rather than simply allowing us to product transfer? Thankyou 

No, they will not credit check you when you product transfer or do affordability checks. You are already with them so it makes no difference what your circumstances are at this point, as long as you keep paying.
When you apply for additional borrowing they legally need to check affordability, this requirement does not apply to ax product switch with no additional borrowing.

amnblog

Housebuyer has it right as above

freshstart2023

Amazing. Thankyou so much. I’ve been so worried. No I would never miss a mortgage payment. Thankyou again.