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Advice on a mortgage please

Could someone please advise me, I have this morning been offered a permanant job with a salary of £33,000 including car. I am currently freelance, salary in the range of £37,000 pa. I would be looking to remortgage the house soon purely to get a better rate (I do not intend to release any funds), I have no debts, how much would a high street lender loan me, I currently have a mortgage of £119,000, house is worth £190,000. I have had to go through a broker with my present mortgage as high street lenders are not so keen to loan to Freelancers and therefore I believe I am paying slightly over the odds at the moment.

I am not sure if you advise on this one, but who is offering good deals at the moment, the mortgage market is a minefield! What rate should I be aiming for?

Many thanks in anticipation.

Comments

  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    FRUGAL wrote:
    Could someone please advise me, I have this morning been offered a permanant job with a salary of £33,000 including car. I am currently freelance, salary in the range of £37,000 pa. I would be looking to remortgage the house soon purely to get a better rate (I do not intend to release any funds), I have no debts, how much would a high street lender loan me, I currently have a mortgage of £119,000, house is worth £190,000. I have had to go through a broker with my present mortgage as high street lenders are not so keen to loan to Freelancers and therefore I believe I am paying slightly over the odds at the moment.

    I am not sure if you advise on this one, but who is offering good deals at the moment, the mortgage market is a minefield! What rate should I be aiming for?

    Many thanks in anticipation.

    Hi,

    With that kind of equity in the property I see no reason for too much concern.

    It will depend on whether you accept the new job, what the probationary period and contract terms are, and what your payment/credit history has been like.

    What are the details of the mortgage you currently have, such as rate, payments, any tie ins?

    Cheers

    Andy
  • FRUGAL_4
    FRUGAL_4 Posts: 159 Forumite
    Hi,

    With that kind of equity in the property I see no reason for too much concern.

    It will depend on whether you accept the new job, what the probationary period and contract terms are, and what your payment/credit history has been like.

    What are the details of the mortgage you currently have, such as rate, payments, any tie ins?

    Cheers

    Andy

    it is likely that I will accept the job, but before I did accept, I wanted to know about the likelihood of obtaining a mortgage on the salary offered.
    The probabationary period is 3 months. My payment and credit history is very good, no missed payments on anything, I recently paid my overdraft off and the remaining debt I had, after successfully seeking compensation from Standard Life for mis-sold endowment.

    My current mortgage is a GMAC Standard Variable rate of 6.74% but discount of 1.75% until Sept 2006, giving a current payable rate of 4.99%. The payment at the moment is 730.49 increasing by approx £121.00 per month in Sept 2006. I am also tied in until Sept 2006, but I am seeking to get the ball rolling on a new mortgage in early July. It is so long ago since I have had permanment work I am not sure how long High Street Lenders take in deciding whether to loan the monies or not, my current mortgage application took 16 weeks, but I think it is because I am freelance and use an umbrella company off shore, very complicated.

    Frugal
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