Hi all
Would appreciate some pro advice please?
I have 4 years remaining of a 10 year fixed mortgage with YBS which costs £359 per month (20 years remaining overall)
Current redemption cost including ERC etc is about £55000.
I could shift that onto a Tesco mortgage for a 5 year fix @ 3.19% (£195 fee max 70%LTV) which would bring the monthly payment down to £310 allowing me to make some hefty overpayments.
My question is whether I'm likely to be accepted by Tesco?
House was last valued at £85k a couple of years ago - don't think prices have changes a huge amount since then - Loan required is £55k.
My salary last financial year was about £31.5k, about 10% of which was overtime/bonus. I've just had a £2k payrise. I have no loans or CC debt (I have a small balance on one CC which I pay off in full monthly). I have 4 active credit cards however with total credit available of about £20k.
I have no adverse financial history, on electoral roll etc. I'm married - but house and mortgage are in my name only - wife is in last year of degree studies.
I've checked Noddle and have a 5/5 credit rating with them.
Am I likely to meet tesco's lending criteria? Should I cancel a couple of the credit cards before applying to free up some credit? Would I be better off going through a broker (L&C?) or are there any better deals than than this Tesco one which I may have missed?
Thanks :-)
Would appreciate some pro advice please?
I have 4 years remaining of a 10 year fixed mortgage with YBS which costs £359 per month (20 years remaining overall)
Current redemption cost including ERC etc is about £55000.
I could shift that onto a Tesco mortgage for a 5 year fix @ 3.19% (£195 fee max 70%LTV) which would bring the monthly payment down to £310 allowing me to make some hefty overpayments.
My question is whether I'm likely to be accepted by Tesco?
House was last valued at £85k a couple of years ago - don't think prices have changes a huge amount since then - Loan required is £55k.
My salary last financial year was about £31.5k, about 10% of which was overtime/bonus. I've just had a £2k payrise. I have no loans or CC debt (I have a small balance on one CC which I pay off in full monthly). I have 4 active credit cards however with total credit available of about £20k.
I have no adverse financial history, on electoral roll etc. I'm married - but house and mortgage are in my name only - wife is in last year of degree studies.
I've checked Noddle and have a 5/5 credit rating with them.
Am I likely to meet tesco's lending criteria? Should I cancel a couple of the credit cards before applying to free up some credit? Would I be better off going through a broker (L&C?) or are there any better deals than than this Tesco one which I may have missed?
Thanks :-)