I Need Secured Loan Advice

moneymessmummy

Hi, I am new on here and apologise if im posting in the wrong place.
I need advice about where I can find good advice about secured loan/mortgages. I work only part time and am single my current lender Birmingham midshires declined my application for additional borrowing on my mortgage despite my experian credit rating being 999 and my loan to value being approx 25%. I have never paid them late and as a single mum I can only work part time though I havent been out of work in 10 years.

beecher2

What's the salary multiple you're looking for?

Cannon_Fodder

What is your income?
What is the current mortgage amount?
What is the additional amount?

moneymessmummy

Hi, my total income is around £20,500, total mortgage £48,000, amount to borrow £7,500. As far as im aware Birmingham midshires allowed 19,000 of my income to calculate my mortgage eligibility.

Conrad

I'd say try your own Bank first. Be wary of secured loan providers - especially those daytime TV types. Most will want to flog you expensive insurance (which you could get 50 x cheaper from a traditional insurer like L&G) and often imply insurance is required when it NEVER is.

Watch out for fees incorporated into the loan too.

beecher2

I'd go and see a mortgage advisor for help - I take it some of your income is tax credits, so they would know which lender is more likely to agree. Would you have to pay an Early Repayment Charge if you left Birmingham Midshires? What rate are you paying just now>

moneymessmummy

Thanks everybody, I dont have early repayment charges, currently paying 2.25, which they very kindly offered me a remortgage on current loan so that I would be about £90 pcm worse off! yes tax credits do form part of my income