Re-mortgage with £23k credit card & OD??

[cahcah]

How likely is this? We have a 16 ish year outstanding mortgage of £182,000 and I can see that we can now get an even better interest rate.

We have an £83k income, mortgage outgoings of £1100. There is about £3k in various 'pots' saved up for regular outgoing stick as cars, childcare etc.

No other credit and we have no bad credit history....

We use some of our £1k OD most months though.

The reason for the credit cards is not living expenses but because its cheaper to pay the 0% credit and keep those same £20k of funds invested overseas whilst they're making a good return.

There is a 2nd overdraft of £2.2k that pays for the minimum payments on the credit cards - so this money is currently just recycled around iyswim.

I don't want to risk a credit search if it's unlikely. Any IFAs here willing to give an opinion please? DH thinks this is likely to be acceptable, I think not...

Can you not get a new deal with your current provider, without a credit check? You may even be able to do it online without even going into a branch.

However, it does show signs of poor management of your finances if you have a Household income of £83k yet you're still in your overdraft every month.

How much is your current house worth? You need to order a credit report for yourself and your husband to check your credit rating.

Agree that OD use each month looks poor :( We aren't very disciplined in this way...

I did check the credit file about 2 years ago and it was spotless. (That is before some of the investment really outperformed and made overpaying the mortgage each month look like the least beneficial option...)

If I do a credit check won't it leave a bad mark...?!

Not sure my bank would switch mortgages without re-doing a check... Not sure they have the best alternative deals anyway but I accept that they may have lower rates...

Checking your own file is completely neutral.

You can check your own credit file without leaving a footprint.

FWIW, we remortgaged earlier this year with the same building society (Accord) and I was a very simple box ticking exercise - we just sent some forms back saying that yes, we did want to change mortgage products, and we put an 'x' next to the one we wanted. Simple - and no credit check.

What have you got to lose? If you get a good check and so you can remortgage then you'll save on repayments.
If you get a poor report, you sort out what needs to be done to up your score, e.g overdraft, then redo report and get a remortgage.
If you cant get a remortgage you've not lost anything as you keep paying what you have done.

If you've never made late payments and you have plenty of equity I reckon brokers would be chomping at the bit...

I didn't know that re credit files!

Yes we have a fair bit of equity.

It's worth a punt I suppose. Will check the files first.

Thank you for your help.