Chances of a Remortgage?

The_Incredible_Schmoo

Hello all,

Just a quick question that I'd like your considered input on if I may? I have a mortgage currently owe approx £82,000 & I'd like to remortgage* to a new value of £100,000

Oh forgot to mention I no longer live in the house, my parents now reside there and I live away (work calls etc.), I've checked and apperantly as my parents live there, they are not considered tenants and my remortgage need not be a BTL? However my rent in a new location must be considered in the costings.

House is worth £125,000 approx & I earn £25,000 PA and my fixed outgoings are rent £300 per month (including bills).

The one thing that might be an issue is the fact that I was made bankrupt 6 years ago (so its about one month away from dropping off my file along with the defaults that came with the action). So you can say that my credit file will then appear clean (before anyone jumps on that comment - I had my reasons for going bankrupt, reasons you know nothing about - So if you have any judgemental comments keep them to your pious-selves :A).

During my 6 years in exile I've maintained a mobile phone contract, current account with overdraft facility & my mortgage without missing any payments, so all except the mortgage are showing green on my credit file (the mortgage is not showing on my file at all in any format?

So debt wise, apart from about £300 OD I have no other debts.

So to my question, what do you think are my chances of remortgaging to the higher amount?

Thanks for your constructive comments :-)

Schmoo

PS - If you have nothing constructive to say, please, please don't say it and prove yourself to be an idiot! :beer:

happybroker

take your credit file to a good whole of market broker and have a face to face chat, friends and family will be the best place to start for a recommendation.

check out the fees of any one claiming to specialise in helping folk in your situation and if they won't tell you prior to a meeting then don't bother.

Dan_1976

Agree with above. I think the BR may be more the issue than income, but you never can tell.

Do you parents pay anything? This may or may not help. Good luck.

Cannon_Fodder

Try to double-check the house value, before you commit to any expenditure on mortgage fees etc.

You may be disappointed at the current market valuation, and the lender may not agree if the LTV is too high, but you'll have paid a fee to find that out.