remortgage - fair credit score

[newlabelwriter]

Hi there, newbie here looking for some advice. I’m currently 10 years into a 25 year Halifax mortgage and I’m looking to borrow another £100k on my mortgage. We currently have about £400k equity in our property. All good so far but my credit rating is only fair as I’ve high CC debt and missed a couple of payments a few years ago. I’m now paying debt off and my score is going up but still only fair at the moment. My husband has a good credit score. Never missed a mortgage payment no CCJ etc. So my question is based on above do you think it’s worth applying for extra on our mortgage now or waiting until more debt paid off and my credit score has gone up more? Any experiences would be great to hear about. TIA

Rating means nothing. It's your history that counts. Do you have late payments or a high ratio of borrowed credit compared to income? That's what lenders look at

So, if my husband has zero debt but I have a higher debt (being paid off) that would be taken into consideration. Household income is £100k and debt is £20k.

I’m interested in responses in this thread as currently in the same situation. Husband has LOTS of debt which has come to light and we are looking at re- mortgage. Both our credit scores are high, no missed payments or anything.

If you remortgage with your current lender they usually don't do affordability checks.

If the application is joint they will look at it as a whole. Have you tried using calculators online to see what your affordability is like?

Dazedandconfused10 no but will have a look. Thanks

They will also ask you to clarify why you want to borrow extra money.
Some lenders want specifics more than others.
Nationwide were very thorough with us a few years ago.

I know when we did a re-mortgage last time with the same company they never did any checks or anything just switched the deal. If you are re-mortgaging to borrow more surely they would do checks?

Great, thank you all.

mummy2boys53 - how did you get on?