Someone else looking for remortgage advise!

madison's_mum

Hi,

My current mortgage expires in September this is the first time we are remortgaging and i'm a bit confused by all the options. Our circumstances have changing a bit since we got our mortgage and i'm a bit worried we won't be able to get enough to cover what we have owing already. Details below:

*Currently have an interest only tracker with IF paying £360 p/m on £87,500
*We need to add on £5k to repay the deposit we borrowed from my father in law
*We are on a DMP paying £285 on c£14k, this is due for a rebudget in June and we estimate this will rise to £400.Our daughter gets nursery vouchers as of next year so we should be able to clear the DMP by end of 2008
*I don't want to add the DMP to the mortgage as we are currently paying no interest on it.
*I don't want to substantially increase the amount we are paying as i would like to use any extra cash to clear the DMP.
*My husband and i are 26 & 27 so i'm not too worried about another interest only offer.
*We don't have life insurance mortgage cover so we also need to sort that, should we do that now or wait until remortgaging?
*We earn £35k between us.

Any advice is greatly appreciated.

MortgageMamma

Best advice here, sorry can't be more specific without knowing the in's and outs of your finances, but go see a whole of market broker, tell them the above, and they will work out a way for you to achieve your objectives as realistically as possible. If you have DMP you may not qualifiy for mainstream lender products, DO NOT be tempted by "specialist" mortgage companies offering deals to you directly. Advice from a whole of market broker is imperative to get you back on your feet as quickly as possible

HTH and GL

L