Mortgage Advice

monkey_fan

To all you clever people out their,
I suspect that I am not the only one that has gone through this but a quick question.
We (as in my partner and me) moved house 18 months ago, we were going up the property ladder what with a baby and all that. I got a new job so we needed to relocate and at the time had the money in the bank to get a bigger deposite together. This was just before the smelly stuff hit the fan in the financial world and you could still get 10% deposite mortgages from most lenders.
We are now happy in our new place and enjoying our new lives. So the question. Since moving my wife has given up her paid job to take on the full life of being a mum and we always new that this was probably going to be the case. We took on a mortgage that I knew we could survive on with just my wage and are doing just that. At this present time the only other debt we have is about £2K on my wifes credit card (Which if had to be cleared could be within 1 month). The mortgage we took out was a 2yr fixed and will be coming up to end soon. I want to get a new deal (maybe even a better rate as the one we have isn't very good) but I am worried that I may not get a mortgage at all as the banks may not see that this is affordable with just my income. I am sure many couples have taken on a mortage, added a baby, mother given up work and then tried to remortgage when a deal comes to an end. Any ideas? Advice? What have others done? Much apprciated. M.

_Andy_

Hi monkey

If you're staying with your current lender they won't re-assess income so you could see what they have.
If you're wanting to change lenders it will potentially be an issue.
What is your income and how much do you owe?

monkey_fan

Andy,
Thanks for getting back to me. I have been looking into mortgages again and it's even more of a mine field than last time I looked!
Income is £50K a year basic. Value of property is £265K outstanding amount is £225K. Thanks M.

_Andy_

OK so just over 4x - still do-able on your income if you did want to switch lenders.
Cheers

monkey_fan

_Andy_,

Thanks for the feed back, I guessed that probably the easiest route will be with my existing lender but I will get some quotes to see how they compare.
Anyone with any experiance of actually doing this and how they got on?

Thanks again for your feedback.
Ta M.

Andyfrain

When considering any independent mortgage advice, it is essential to understand the mechanism of Usufructuary Mortgage. Under this mortgage, the mortgagor gives possession of the property or binds himself, either expressly or by implication, to give such possession to the mortgagee. The mortgagee is authorized to retain his possession over the property until the payment of the mortgage money is made and to receive rents and profits accruing from the property and to appropriate the same in lieu of interest or in payment of the mortgage money or in both.

Let_Us_See

What has your response got to do with the original post?

_Andy_

Let_Us_See wrote: »

What has your response got to do with the original post?

Nothing it's spam - SEO - getting the website with that name more prominence within Google.

dimbo61

hi monkey -fan
What does your mortgage revert to after the fix ends ?
Might be a good deal SVR or tracker so you may not have to do anything !

Trollfever

Let_Us_See wrote: »

What has your response got to do with the original post?

Scrabble practice.


.

monkey_fan

Hi Dimbo 61,
It reverts back to a fixed with a higher % or more importantly to me a high monthly out going and paying even more to the mortgage company!

Have been looking around a bit (it is amazinfg how much time I can waste looking into this sort of stuff) and it I could raise a little more cash to get the LTV down I could HALVE my monthly bill (therefore pay the mortgage company less)! I know these things never work out like this but wow, that has got to be worth something.

I have also spoken to my current lender who said they would not offer me anything else as they are not lending at the moment?!? Does this sound right to anyone? I was talking to collections for some reason, perhaps I will try through sales instead.
I would have thought the threat of me leaving might give them reason to do something.
Thanks M.