Mortgage Broker Bury

As a general rule, you should not take up more than half the credit available to you on, say, a credit card because it will negatively impact your credit score.

When you take up more than 50% of the credit offered to you, lenders start to view you as overextended and therefore more likely to default on a debt repayment or to make a payment late in future. They therefore downgrade your credit score accordingly, making any future potential borrowing more expensive or worse, any future applications for credit less likely to be successful.

When you already have a mortgage in place, there are various reasons why you might want to renew your mortgage or change providers. This is called getting a remortgage. You might have come to the end of a fixed interest term period, for example, and be seeking a new fixed interest term rather than going on to your lender's standard variable rate, or you might want to get a lump sum to carry out a loft conversion.

To find out more, click on Remortgages