Remortgaging with new debt

[Darmy1]

Hi

its time for me to remortgage however since getting our initial mortgage we’ve got into a considerable amount of debt in the last 5 years (more than 10k) with credit cards.

Will this effect chances of remortgaging with a new provider? We can prove that we can afford mortgage payments

our current mortgage provider rates are way way too high so we’ll need to look elsewhere

potentially yes

but we can’t answer so you have to talk to your bank

Probably, we have had to stay with current provider for this reason.

Potentially, it depends on your circumstances as a whole. Would recommend talking to a broker to get the best deal for you moving forward 👌

Debt in itself isn't necessarily a bad thing, but it impacts your affordability. So when they are looking at your ingoings and outgoings, the debt repayments will likely lower the amount they will lend you, so it depends how comfortably you are in the LTV range as to how much it'll impact you. You can fill out an affordability calculator online to get an idea.

Not sure if lenders have different risk appetites for people carrying debt, that you'll need a broker for.

There's a couple of different elements here
Debt is not a issue to most lenders provided:
You pay on time every month
No missed payments
It's to highstreet lenders such as MBNA, virgin, natwest etc

Debt is a issue is you have the following:
Missed payments
Dodgy payday loans/ other less desirable loan sharks
Your Debt to income ratio is high/ extremely high

It will affect the amount that you can borrow so you will need to check that.

I remortgaged to Natwest with over £25k in Debt on credit cards and loans. They weren't that bothered to be honest.