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Re-mortgage
simon71
Posts: 1 Newbie
Hello,
Took out a 2 years fixed rate mortgage for £195500 (plus 1499 fee) debt in may 2007 that is coming to end in feb 2009. property bought for £230000 but value was higher at £310000. good location and 3 bed flat.
I have good credit history, never defaulted, no ccj, don't use credit card that much. Loan to value ratio (probably 60%) is good as property is at low end £310-330k. have £5k in savings.
My question is my income is lower now and approx i earn £25k mainly from one job but little bit in second job. How will re-mortgage process turn out. currently on interest only paying £820 plus insurance £21. Any ideas,
Thanks in advance.
Took out a 2 years fixed rate mortgage for £195500 (plus 1499 fee) debt in may 2007 that is coming to end in feb 2009. property bought for £230000 but value was higher at £310000. good location and 3 bed flat.
I have good credit history, never defaulted, no ccj, don't use credit card that much. Loan to value ratio (probably 60%) is good as property is at low end £310-330k. have £5k in savings.
My question is my income is lower now and approx i earn £25k mainly from one job but little bit in second job. How will re-mortgage process turn out. currently on interest only paying £820 plus insurance £21. Any ideas,
Thanks in advance.
0
Comments
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If your income is now lower at £25k there is no way any other lender will agree a mortgage of around £195k
Your only option will be to go to your exisiting lender and ask them what rates they could offerI 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
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