Remortgage

mutley_UK

I would be very grateful for any help or advice on what are the best options for my situation. At the moment I have a £45000 endowment mortgage (which ends in 13years) and have about £20000 on loans, credit cards etc. I am looking to remortgage for £65000 to be able to pay off all my debts, I would like to break the mortgage down to £35000 repayment and £30000 endowment. I would also like to keep to the same time scale as the original mortgage 13 years.
I have tried to remortage with my current lender but because my partner is only earning around £11000pa and I receive about £5500pa in benefits (I am unable to work because of health problems) they won't lend us the money, I have also tried other lenders but again had no joy.
BTW the value of the property is around £160000. Any advice would be gratefully recieved.

herbiesjp

It is difficult to say without knowing the exact nature of the benefits received and whether a lender will take them into account for lending purposes.

On the face of it it may look too high but there may well be ways of getting this agreed with a couple of high street lenders - by discussing the situation openly with the relevant underwriters

I suggest a talk to a good mortgage adviser would be the best course of action.

Be warned though that you would be turning unsecured debt into secured debt against your property ,and that as you are looking at a 13 year term you would be paying the money back(potentially) over a longer term. So whilst in the short term you are saving money, long term you will be paying back more in interest.

An important thing to remeber if you do this - is not to run up this level of debt again.