Advice needed please

evolution

Hi, any help and advice on the following would be greatly appreciated. My house is valued at 240,000 and i have 16 years left on my mortgage which is 55000. There are a couple of problems though, i have a secured loan of 32000, my other half is no longer working and my income is about 16500. I want to know if i could get a mortgage to consolidate the 2 and so bring my monthly payments down.

I dont think its possible but is there a chance because of the equity in the house. I have no other credit card debt etc. the monthly payments at the moment are crippling me. Thanks in advance for any help.

_Andy_

Your income isn't enough to obtain that size a mortgage.

justjohn

i would say no...but see a broker he may swing it...you are asking for near 5 x salary.

see a broker you may get one on affordability alone

_Andy_

To consolidate is going to be over 5x income - no point seeing a broker if that is the OPs aim.

justjohn

if your accounts are clean and you have good credit score/never defaulted on anything. And if the lender lets you have a mortgage on affordability criteria. you are in with a shout ...mortgage will be a prob either way


get a broker

_Andy_

No lender offers that high a multiple so therefore how would they be 'in with a shout'?

evolution

wouldnt the fact i have so much equity count for anything. I would be easily be able to afford the payments if i combined them

_Andy_

As I've already stated, no lender will lend you that much on your income (i.e. enough to consolidate)

justjohn

depends on the lender , we have large amount of equity in 2 properties. our multiplier hits 5+ but we are self employed and were assessed on affordability.
we had very good credit rating and clean credit record(previously mortgage free for 4 years).

The only way too find out is see a broker. You say you are on 16500 , but some mortgage providers take some benefits into account.

herbiesjp

Andy is right about the income multiples

Even if you could get the mortgage amount based on your sole income, having a partner who is not working will reduce your affordability, as they are will be classed as a dependent.

Having a lot of equity does not make it any easier for you to pay the mortgage, it is your income that pays the mortgage, not the equity.