Any fee free whole rang brokers who would like to get me a mortgage?

harrisc

Hi - well we would like a mortgage for £120,000 please

I earn £5986 part-time but will be full-time next year when son goes to school
Partner earns £26800 plus £2000 a year in guaranteed bonuses

We have currently a mortgage of £80,000, house worth £165,000 but have debts and a current extension being built so we would like to add it all onto the mortgage and reduce our monthly payments which are currently around £900 a month.

Would like a fixed term, repayment I guess, for 3 or 5 years with low monthly payments, 25years we would imagine. Overpayments would be nice as once I return to work my wages will be going into a savings account to pay towards the mortgage as we don't always want a £120k mortgage.

Can we get a mortgage with this?

Thanks Claire

AndrewSmith

It may be possible but not dead easy. Depends of credit history, how your mortgage account has been conducted, how your debts have been conducted and your credit score, however the figures on the face of it do seem within critera for many lenders.

Very brave of you to post openly like that, I expect you will now be bombarded with private messages from brokers offering to help.

Hope this helps

Andy

MortgageMamma

I can assure you I do not follow such a practice! ;(

Joe_Bloggs

Just curious, does you mortgage lender approve of the extension to 'your' home ? You would think that some of these costs could be added to the mortgage if they approved of the work. This is probably wishful thinking on my part. How are you financing the building work ? Does this work affect your existing buildings insurance ? You don't need to answer anything to me or anyone at all in any detail. You could help others who are in a similar situation by doing so.
Keep an eye on those builders they tend to enjoy world cup feaver.
J_B.

harrisc

Joe_Bloggs wrote:

Just curious, does you mortgage lender approve of the extension to 'your' home ? You would think that some of these costs could be added to the mortgage if they approved of the work. This is probably wishful thinking on my part. How are you financing the building work ? Does this work affect your existing buildings insurance ? You don't need to answer anything to me or anyone at all in any detail. You could help others who are in a similar situation by doing so.
Keep an eye on those builders they tend to enjoy world cup feaver.
J_B.

I didn't know I had to tell my mortgage company as it doesn't require planning permission due to the size of it and it is classed as a conservatory. I still wouldn't want to permantely add it to the mortgage as would like to overpay once a year to bring the amount down. It is being paid for by a loan which is why we want to add everything together to sort ourselves out and then in the longterm reduce our mortgage either with yearly re-payments or a lump sum when we come to re-address our situation when the introductory rate ends.

Why is it that mortgage rates are going up if the base rate hasn't moved at all? I don't understand.

Also to the previous message I've not had one offer of help - can this not be done? Looking around on calculators it seems it can or am I wrong?

Thanks Claire

AndrewSmith

As I said above, it may be possible but will depend on the individual criteria of whatever lender is approached.

Andy

payless

MortgageMamma wrote:

I can assure you I do not follow such a practice! ;(

would guess its those that " lurk" that are more likely to follow such a sad practice, although I suppose the wording of the post's title does invite .... in theory such a title should mean the post should be on the referrals board ??

AndrewSmith

payless wrote:

would guess its those that " lurk" that are more likely to follow such a sad practice, although I suppose the wording of the post's title does invite .... in theory such a title should mean the post should be on the referrals board ??

My sentiments exactly, unless it is directed at moi :P

payless

No,

certainly would not say you were a lurker, nor do I assume you have PMed queries

Joe_Bloggs

In the interim, between you getting a new job and the conservatory being finished and your discount deal running out I would recommend the Debt-Free wannabe board, Mortgage-free wannabe and the MoneySaving Old Style boards on this forum. It may well help you and others figure out where the £40,000 extra you want to borrow went. This may appear as criticism but it is not. Perhaps more attention to budgeting and financial planning is required, as soon as possible, for the future.
J_B.

Money is such an emotive topic. It clouds judgements and often results in rash actions. Keeping up with the Joneses is also another factor to get into debt. Perhaps they went into retail therapy because they were unhappy in some way that they could not track down.

harrisc

Joe_Bloggs wrote:

In the interim, between you getting a new job and the conservatory being finished and your discount deal running out I would recommend the Debt-Free wannabe board, Mortgage-free wannabe and the MoneySaving Old Style boards on this forum. It may well help you and others figure out where the £40,000 extra you want to borrow went. This may appear as criticism but it is not. Perhaps more attention to budgeting and financial planning is required, as soon as possible, for the future.
J_B.

Money is such an emotive topic. It clouds judgements and often results in rash actions. Keeping up with the Joneses is also another factor to get into debt. Perhaps they went into retail therapy because they were unhappy in some way that they could not track down.

We know where the 40k went, conservatory and living as I was made redundant losing £23k a year and having a baby at the same time. I have since returned to work to help us out by doing a number of jobs at once. Once we re-mortgage that will help us out with our budgeting and planning. We stupidly didn't have redundancy cover, but do now - we learnt the hard way what can I say but we are now trying to fix this.