remorgage with defaults and ccjs

pault49

Hi i currently paying into a debt managment service and wish to remorgage for house repairs , my morgage is gmac rfc and £72 ,000 valuation of house is £100,000
when it it done up present market value is £200,000
next door

i earn £28,500 a year more with overtime £2000 and have a new partner who will contribute £500 a month to mortgage i have 2 questions their is 18 years on present mortgage would it worth while to go to 25yr i am 49 years old
thanks Paul

MortgageMamma

Hi Paul

Lenders vary on whether they will let you extend your mortgage beyond normal retirement age. If they do they will ask for proof that you will have sufficient income to repay the mortgage into retirement. How much do you want to borrow? Is your debt management plan an IVA? Are you tied into your mortgage with GMAC? What does your new partner earn? Are yu aware that in order to use her income for mortgage purposes you will have to pay to do a transfer of equity so her name will go on the deeds?

I think you need to talk to a whole of market mortgage broker who will look at your financial situation and give you your options straight, and hopefully be able to assist.

HTH

MM