Applying for credit card and remortgaging

smile71 · 14 September 2019 at 3:50PM

I am in the process of re-mortgage application and have hit a bump in the road where I need to find some way of paying a solicitors bill of £500 and possibly this may go up to a £1000 or even more unless I can contain it before the mortgage goes through in December (if they agree the mortgage next week.)

I was thinking of applying for a credit card but I am wary because I have the application going through and have no idea of how to settle the bill. I need the solicitor to action something but the bill remains unpaid as I am short of cash. I am may be slightly over drawn this month but my credit score is good/excellent all bills are paid otherwise.

Background info:-

I am re-mortgaging so I can decorate and clear any remaining debts I have. The application is 148,000 over 25 years. I am 48 this year and a single parent.

My mortgage was £149.495 over 25 years at 3.29% started on Feb 2015. (139/138,000 repayment figure. House roughly worth 260,000

I have a one loan is last payment December 2022 (7.9% interest rate), £4,800.50 as off this month settlement, payments are £130.64 per month.

2nd loan last payment June 2020, £2,475 settlement , (9.1%) £198.08 monthly payment

Credit card is £2,900 0% interest until I think September/October 2020 next year then roughly 19.9%

Just want to leave the debt side behind once and for all if I can and have that last ditch and cleaning up finances over years and coming back from usual relationship break up finance problems and raising 2 children alone. Any suggestions welcome??? i.e. do I stick with no more credit and dodge solicitor payments till after the mortgage has gone through and also does have an overview of what I should consolidate and not and length of mortgage etc.

[Deleted User] · 14 September 2019 at 4:06PM

Is the solicitor requesting payment as part of the remortgage or is a separate matter?

If the former can they not just take it from the mortgage proceeds?

smile71 · 14 September 2019 at 4:15PM

No its a separate matter to do with family law. So very important but don't want to compromise myself financially or compromise my chance of getting the re mortgage. it is an urgent matter though and I am discussing the outstanding bill and the solicitor's future work Monday.

[Deleted User] · 14 September 2019 at 4:18PM

Depends on how much room you have in your affordability and what lender you are with.

If you could borrow £200k but only taking £148k then it will probably be fine. If you were only offered £149k then i would be concerned.

What lender is it? Santander?

smile71 · 14 September 2019 at 4:20PM

my previous lender was Santander this will be skipton. I am waiting next week for an agreement in principal

[Deleted User] · 14 September 2019 at 4:38PM

Skipton aip's take about half an hour. Get your broker to do it on Monday and include the credit card as a commitment. They have a drop down for current or future commitments.

If it passes then crack on, you've declared the card to the lender and all fine.

If your broker can't do aip on Monday then find one who can.

smile71 · 14 September 2019 at 4:47PM

I must be going through formal application then because it has taken weeks and weeks have I have submitted loads of documents. I am confused with terminology a lot of the time. Is the broker able to explain to the mortgage company whilst the process is going on? I am supposed to know next week whether it has gone through and the mortgage will go through in December around the 4th. I was advised I could also take advantage of any better interest rates at this time as well but once the offer was in place they would not necessarily renege unless I did something really financially stupid. Thanks so much for the advise.

Applying for credit card and remortgaging

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