My spouce and I wish to fund a brand new kitchen area and don’t want that loan refusal to tarnish our future power to borrow
вЂLenders don’t use the fico scores made by credit reference agencies, that are for the eyes only.’
Q In 2013 we bought our house for a Scottish area for ВЈ229,500 for a 16-year home loan. I will be 51, my better half 56, therefore we are in possession of home financing for the following 12 years. Your house is big however the kitchen area is small, so we have family that is large. We have been considering having a brand new home built and there appear to be two choices. We could either build one out of our living area for around ВЈ17,000, which will look beautiful. Or we could opt for broke and knock down the extension that is small houses our existing kitchen and loo, and develop an extension with kitchen-diner, energy space and workplace opening on to the big yard, which will price around ВЈ50,000.
We owe ВЈ96,500 on our home loan and, since the household is respected at ВЈ275,000, we’re able to remortgage to finance either choice. The only real issue is our credit scores aren’t perfect. My score is great to exceptional but my affordability rating is bad. My husband’s is typical. We do, nonetheless, have actually a serious complete large amount of individual borrowing, and so are asset-rich and cash-poor, mainly as a consequence of financing three of your children at university, which means charge card usage is high.