urgent advice needed

sassybooboos

my husband and i are seperating and he is staying in the house

house valued at 108000 mortgage we had was 78000 last year. (house requires lots of work)

he has been to halifax to see if they would extend mortgage to 30yrs to bring cost down, they have said yes but only reduce it by £40 per month. does this sound right? our current mortgage rate is 5.64% fixed until jan 2010.

he only earns £18000 a year so would he be able to get a good mortgage deal in january or would he be better going onto their svr rate.

i have had to agree to not have any maintenance as he wont be able to afford the property etc if i do and i cant afford to get my name removed at the moment as this would cost about £700.

what i really need to know is does extending mortgage by 5 yrs only make £40 pounds difference?

if he tries to remortgage now he would have to pay £3000erc which he doesnt want to do.

will he be able to get a mortgage on his low wages, he has no adverse credit etc

kings981

I'm not an expert and I'm sure that others can give better advice.

But there is a really good mortgage calculator in one of the sticky threads on the mortgage board. Play around with that and see how the numbers change when you lengthen the mortgage etc. £40 less a month doesn't seem that unreal, though you don't say how long it lengthens the mortgage for.

I'm not saying your husband wouldn't be able to get a mortgage on £18,000 but it might be hardwork.

sassybooboos

we had mortgage over 25 yrs last year it would be extending it to 30yrs.

money_maker_3

a 5 year increase doesnt make that much difference when it is a long term already. He can take the mortgage up to his 65th birthday or 40 years whichever happens first, so if he either phones the halifax mortgage helpline or calls into speak to a mortgage reviewer in branch they would be able to work out different options for him to get a payment that suits