Remortgage

somi

I am looking to remortgage currently on halifax 3.5% svr. Good equity over £140k, credit history good but have high multiple of income on the mortgage something like 8 times. Mortgage remaining is £197k.

i have seen the market and some deals are not bad, my current income its tight but i can afford it (currently paying £575 monthly interest only). Household income is approx £30k. my partner only has one year of trading as self employed though. I don;t wanna be stuck on SVR and will get very expensive if they go up.

How can i get good deal with my situation, very worried about stuck on SVR for much longer, on my income how much you guys think i need to reduce my mortgage to get the best remortgage deals

look forward to you reply.

opinions4u

You're stuck with Halifax unless you can significantly reduce your debt.

There is a range of fixed products on their web site that you could choose from starting at 3.99%.

currently paying £575 monthly interest only

I doubt you'll find another lender willing to offer you an interest only mortgage unless you have an appropriate investment to repay the capital. At what point are you planning on repaying some of the capital?

my partner only has one year of trading as self employed though

Another problem. Are there audited accounts? You'll probably need 2-3 years audited accounts to access the best deals, so you are relying on your income alone.

mark55man

i would suggest you might need some professional help on this one. there are a number of mortgage brokers who post on here - one of them will be along shortly - but you may need to bump on monday morning

if you want to find them directly do a search on "fixed rate" or even on "early redemption penalties"