How likely will we be able to get a new mortgage?

babybakey

Our fixed rate ends in june 2010 and when we remortgage i shant have an income ( will be home with our small children) so we will only have DH's income of £26 before Tax + NI and we will need approx £105K how likely are we to get it , also we used to have an IVA which will go off the records in august 2010 i think so will that hinder us ? the IVA finished Aug 2005 am i right thatitstays on untill 5yrs after it ends or starts????

id appriciate any help

babybakey x

beecher

Who knows what the situation will be like in June 2010 - it really is impossible to tell. However, if you stay with your current lender they are likely to give you a new deal and won't ask about your income etc. It depends on your LTV at that time, and where interest rates are what sort of deal you'll be offered, but it is too early to do much other than perhaps overpay while you still have 2 wages coming in.

babybakey

However, if you stay with your current lender they are likely to give you a new deal and won't ask about your income etc.
Really? oh that'd be good if we have no other option. although we paid over the odds due to having the old IVA on our record. i was hoping id have more choice when we remortgage.

It depends on your LTV at that time,
Well we did have over £37K equity when we brought but obviously we will have lost some of that now i just hope the market has gone up again slightly rather than lost too much were in a small 3bed so rather desireable property for people on 2nd rung of ladder.

but it is too early to do much other than perhaps overpay while you still have 2 wages coming in. I'm already not working , hence my worry , i am planning on doing all i can to earn money selling old things on ebay to over pay on our mortgage though so i will help shorten the term etc but obviouly it wont count towards income for getting one