Remortgaging shared ownership

Steviev

Hi all,

My mortgage is coming up for renewal in July, up to now I have kept with the same lender by product transfer, so no credit checks. My house value has gone from £169000 to about £240000 maybe more (zoopla estimate) since moving here and i have 40% shared, my finances have changed since the initial mortgage, I currently have debt of around 19k which i didnt initially but I'm also earning quite a bit more. I'm tempted to look elsewhere but because of my debts I have stayed with Leeds building society and not shopped around. Would it be worth trying to move to a new lender for better deals or save the heartache and stay with my current lender?

I don't want to hurt my credit file with looking into changing and finding out i can't.

Also if it's possible could I remortgage for a bit more and pay off some of my debt?

Any advice would be appreciated.

Brie

Some mortgage providers are reluctant to increase the mortgaged amount to clear debt as there's no guarantee that it will stay cleared.  So what they will be looking at is can you afford your mortgage plus the £19k debt.  

The good news is that i believe they will take the improved LTV into account on affordability.  

DON'T try to get a consolidation loan.  For one thing that will show on your credit history but clearing your debts won't necessarily as while the credit check is fairly prompt the debts showing as cleared my take until August.