remortgages to raise capital

darcey2006

I have a mortgage of 38000 12years to pay house value 110000plus I NEED 30000 how easy is it to raise that sort of money

Mrs_Bumble

There is equity in the house, if income covers that sort of borrowing and the lender is happy for the reasons that the additional capital is required, should be ok?

What do you need the funds for?
Are you tied into a current deal with your existing lender?

herbiesjp

Also, be careful with the value of the property.

Lots of people are coming "unstuck" on this front - the property comes in at a value lower than expected, which means the deal applied for is no longer available

Jacka87

The numbers you have mentioned seem reasonable. So should not be a problem.

The issues you will have come from what you are wanting the capital for? As well as your ability to pay the mortgage, ie is your salary able to pay more money evey month.

darcey2006

thanks for you comments i need the money give my daughter
for deposit i earn over 45000 per year so salary not a problem
not tied into any deal

happybroker

darcey2006 wrote: »

thanks for you comments i need the money give my daughter
for deposit i earn over 45000 per year so salary not a problem
not tied into any deal

sounds liike you should have no problems assuming your credit profile is good.

herbiesjp

Agreed - should be straightforward then, as it is for another property purchase

darcey2006

Thanks my bank wont lend me any more because off the way i get paid i can show that iearn well over 40000 on my last 5 p 60s but because im a lorry driver my wages is made up depending on what i do each week they will only accept my salary as max 26000 and because i have other borrowing car loan and credit cards etc they say i have too much going out each month any help would be welcome as i know i can afford the extra thanks
chris

happybroker

Some banks will look at p60's, some will allow only part of say shift premiums, overtime etc and some will allow all. It's less straight forward situations like this where a really good whole of market broker should be able to help.

Ask friends and family if they can recommend one to you.

herbiesjp

You don't give figures for the other borrowings, however there are plenty lenders that will be able to agree this for you based on that income and LTV