Remortgage Advice

Ady7480

Hi Guys,


Been lurking a while, and can't seem to find a search which is relevant to the information I was looking for.

Currently the LTV on my property is around 8%. (24.5k left on mortgage, 350k property valuation)

I have some unsecured debts which I would like to clear off completely, as well as invest in improving the house and buying a new vehicle.

I'm looking to remortgage, how easy would it be with such a low LTV?

It's currently a joint mortgage on my own and H's name, my H is now 65 and I'm not sure if he'll be eligible for a remortgage, I think at 52 I'll be at the limit?

If I remortgage on my own name with my daughter, would a 100k remortgage be viable with a household income of £40k?...

In the past few months, we fell behind on some payments so this may have also affected my credit file, but I'm hoping our excellent mortgage repayment record and value of the property will make it easier?

Any advice is appreciated.


Ady

_Andy_

'Fell behind on some payments' on what?

CloudCuckooLand

You cannot count "household income", if wanting to exclude H from the mortgage.

It would be based upon your and daughters incomes, alone.

Ady7480

My own and my daughters income would add up to be 40k.

I think my H's age will automatically exclude him from qualifying?

We fell behind on a unsecured loan and a credit card.

GMS

Have you asked your current lender if they would be prepared to do this for you?

Try that and speak to a 'Whole of Market' broker.

Missed payments will affect your credit rating. Your husband's age may be acceptable to some lenders. Does he have an income?

Ady7480

Yes he has an income of around 15k on his own.

We haven't tried our current lender yet, that was the plan though. Just thought I would try and prepare prior to know what to expect..

Currently it's been with the Halifax for 15+ years.

Thrugelmir

Ady7480 wrote: »

I have some unsecured debts which I would like to clear off completely, as well as invest in improving the house and buying a new vehicle.

Lenders are now far tighter on remortgaging to clear existing debt. As besides anything else they would much prefer you pay unsecured loan rates of interest to borrow the money.

Pay a visit to the forums on MSE if you are having problems in meeting your financial commitments. Possibly even consider downsizing your property to release the required equity. With a small mortgage as you have it would be a concern to a lender that you fell behind making payments. Lenders increasingly look at the management of personal finances prior to making lending decisions. As they can cherry pick who they wish to lend to.

Not wishing to sound harsh but its the reality of the situation.

getmore4less

Ady7480 wrote: »

In the past few months, we fell behind on some payments

This is the key, a sign you have failed to manage your money, it will scare lenders.

You could probably get a term of around 8-13years taking you to 60-65 say 10y so £100k @ 5% thats a repayment of £1060pm can you afford this?

Is that 15k H income pension if not what will the pension income be?


£75k extra for consolidation, a refurb and a cars is a lot of dosh.

How much other debt do you have?