Remortgage and outstanding loan question
Discussion
Afternoon Ph'ers,
In the NY I am looking at selling my flat and buying a house. This may involve remortgaging or simply asking the current mortgage co if I can have more money. I currently have a small amount outstanding on a cheap loan which I could pay off in cash - £2800.
Would those in the know be able to give me an idea what mortgage co's your prefer between no loan and slightly less savings or small loan and more savings, or even if it will make a difference?
Many thanks.
In the NY I am looking at selling my flat and buying a house. This may involve remortgaging or simply asking the current mortgage co if I can have more money. I currently have a small amount outstanding on a cheap loan which I could pay off in cash - £2800.
Would those in the know be able to give me an idea what mortgage co's your prefer between no loan and slightly less savings or small loan and more savings, or even if it will make a difference?
Many thanks.
Pretty sure mortgage lenders don't ask about savings, so less savings and no loan would be better in their eyes.
They are also usually only interested in the monthly repayments rather than the outstanding amount, so if the monthly repayments are small you might be able to keep the loan and it probably wouldn't be an issue (obviously dependent on the rest of your circumstances).
They are also usually only interested in the monthly repayments rather than the outstanding amount, so if the monthly repayments are small you might be able to keep the loan and it probably wouldn't be an issue (obviously dependent on the rest of your circumstances).
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