Mortgage Advise

[kittentwo]

Advise please would you, first stick with existing bank whom you have banked with for business personal etc for ever or try a mortgage broker?

We earn £33,000 per year, current have about 6 years left on a £60,000 mortgage. Have a mortgage in principle for £130,000 over 20 years (dh builder need to start renovating now kids have left no pension). which will not cost that much more than existing mortgage. Will have deposit of £113,000

Will we get a mortgage have a bit on credit card, Due to doing up existing house have used overdraft. In fact we didnt expect to sell our house so quickly and have had unfortunately had the worst three months from hell financially, big dentist bills, electrical appliance conking out at every opportunity and student children needing a loan. So our otherwise not too bad bank accounts look like they have had a bit of a hammering. Any advise please.

I'd ask the bank for their very best offer and then go with the independent mortgage broker for comparison. My experience is that there are no prizes for loyalty and it pays to shop around.

I would also shop around. The only caveat to that is that most lenders will look for 3 months accounts to base their decision on. What you don't want to do is for a lender to turn you down as that may affect your credit rating and some lenders ask the question 'have you ever been refused a mortgage' which you would have to answer yes to (and may well affect future applications). So when you say you have a bit on a credit card and have used the overdraft etc, depending on how that looks, be realistic about the products / lenders you apply for.

Thank you. Mortgage application in. Fingers crossed.