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Impact of remortgaging on credit rating?

Does anyone know what the impact of remortgaging your house has on your credit rating?

My fixed rate mortgage is nearing the end of the fixed rate period so I would like to remortgage. The complication is that I am having a house extension built in the middle of next year and will need to remortgage to pay for that.

I'm not sure whether to remortgage when the fixed rate ends in Dec and then again in May next year or just to remortgage once in May. Further, it would seem advantageous to remortgage again after the extension is finished since the value of the house will then be substantially more and will have a much reduced LTV.

Potentially remortgaging 3 times in 12 months sounds a bit ridiculous - what are the downsides and will it impact my credit rating?

Comments/ suggestions?

Reply to
Ronnie Gibson
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From the wording of your post you appear to assume that you need to remortgage to raise the extra money. You could go to your existing lender and just ask for a further advance. The terms for this would be based on the lender's products at the time of asking.

If the house with extension means that on a remortgage you would be in some loan-to-value bracket where the lender's products are at a lower rate of interest then it might pay to wait. As you say, remortgaging 3 times in 12 months is excessive and may cost you a lot of money depending on what the fees turn out to be. I don't see why it should affect your credit rating though.

Rob Graham

Reply to
Robin Graham

Thanks for mentioning that. It's certainly one option but my current mortgage is with Brad&Bing and even the financial advisor that I spoke to who works 'for' them (i.e. a Slater Hogg employee) says that they don't seem too interested on staying in the mortgage market. Their products don't seem to be very attractive.

I'll be on their standard variable rate after December though so there isn't really any incentive to stay with them.

OK - thanks Rob

Reply to
Ronnie Gibson

middle of

Check out the derbyshire BS for some good deals..

sPoNiX

Reply to
sPoNiX

I think the idea was that you should get the further advance not from your existing lender *now* but from your existing lender after having remortgaged just the once.

Reply to
Ronald Raygun

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