Urgent:Can I get an increase on my morgage for a loan ?

freestyle_3

I took out a morgage 18 months ago with Nationwide for £150K.

I now need 6K to replace the kitchen and bathroom.

I was planning on doing this on 0% credit cards, but it now seems that any new credit cards I apply for are limited because of the amount of 'potential' credit I have.

I don't think just stopping the old cards will help ? Will it ?

In which case what are my options ?
I see that Nationwide offer 6.7. I am looking to repay this amount as fast as possible

mountainofdebt

To be honest I think the available credit you hav DOES matter with regards getting other credit cards.

Hubby and I were late with a couple of cc payments last year and when I applied for cards for both of us we kept getting rejected. Left it a couple of months, and in the meantime closed a few if hubby's cleared cards. He has now got accepted for a few 0% cards - ok the limits are quite tiny in comparison to the limits on the cards he closed but when the 0% deal is over in a few months time they also are being closed and the rest is on low interest rates so I'm not too bothered. I'm also reducing my credit card limit on my cards gradually to make me more attractive to these sort of deals as well....the credit card companies are slightly confused when I phone up asking to reduce my limit rather than trying to get it increased!

Personally I would close down any cleared cards, wait a few months (too many applications close together looks as if you are desparate for credit) and then apply. However whilst I know that people on the credit card board have got large 0% limits I don't think its the norm and you could be fooling yourself if you think you will get it to. The other thing to remember is that the rate advertised by Nationwide and all other banks is only typical....not the norm.

In addition I would go for a loan where you are not penalised for making overpayments -cahoot and egg offer this sort of facility on their loans but that's not to say you could get a better rate elsewhere.

johannamse

If you intend to pay it back quite quickly and are having trouble borrowing the money now, why dont you just save up and pay for the kitchen / bathroom yourself. You will save money and if something happens between now and then, you will not be lumbered with a stressful loan. You should look upon it as a good thing that you are not able to get the credit. It means the banks think you are too exposed and you should heed this advice. Good Luck.

jozvaldo

I would seriously consider both pieces of advice above - ie - paying credit cards or saving for kitchen. If either of these aren't an option I believe that nationwide offer something call a home imporvement loan which can be added to the mortgage?