Property News · February 23, 2017

Do we need a credit check to find out whether we can remortgage?


My husband and I want to finance a new kitchen and don’t want a loan refusal to tarnish our future ability to borrow Q In 2013 we bought our house on a Scottish island for £229,500 on a 16-year mortgage. I am 51, my husband 56, so we now have a mortgage for the next 12 years. The house is big but the kitchen is tiny, and we have a large family. We are thinking about having a new kitchen built and there seem to be two options. We can either build one in our dining room for about £17,000, which would look lovely. Or we can go for broke and knock down the small extension that houses our existing kitchen and loo, and build an extension with kitchen-diner, utility room and office opening on to our large garden, which would cost around £50,000. We owe £96,500 on our mortgage and, as the house is valued at £275,000, we could remortgage to fund either option. The only problem is that our credit ratings aren’t perfect. My rating is good to excellent but my affordability score is poor. My husband’s is average. We do, however, have quite a lot of personal borrowing, and are asset-rich and cash-poor, largely as a result of funding three of our kids at university, which means that credit card usage is high. Continue reading…

Source : theguardian.com
Read more…Do we need a credit check to find out whether we can remortgage?

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