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mortgage v value of property
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ruthlb
Posts: 2 Newbie
We would like to re-mortgage. The morgage we would like is much lower than 50% of the value of the property. Do mortgage lenders only look at income, or when the mortgage proportion is less than 50% do they ignore income?
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Comments
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They still look at income, but some become flexible in their underwriting requirements and may therefore still be able to agree the mortgage
Also depends on your whole scenario i.e. if you have dependents, other debts, any adverse credit history etc
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you were to lend someone money, you would want to know if they have the ability to pay you.
If your friend who had no earnings but had an expensive bike asked for a loan of 50% of its value, would you give it to them bearing in mind they have no income?
You wouldn't, because they have no way of paying the interest on the loan.
Might I ask, why are you seeking to re-mortgage?
They will never ignore income.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0
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