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remortgage
greenpaint
Posts: 1 Newbie
Hello I want to remortgage and have been refused a morgage with ING even though we have 80% equity and earn 4 times the amount we require. Please advise
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Comments
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Only other option is look for a different lender.
Did they advise why they declined? Did you fall outside criteria for some reason i.e. adverse credit?
Based on what you have posted i.e needing a 20% mortgage and the income multiples needed, you should be able to find other lenders, assuming there is nothing obvious in your application that would make the application fall throughI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
By remortgaging. Are you looking to increase your mortgage? To pay off other debts or build an extension for example.0
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Things to ask:
a) Have you paid all monthly bills on time and in full?
b) Do you have any other debt that has accumulated or not been paid off alongside your mortgage?
c) Any HP/loans etc on top of the mortgage?
Are you re mortgaging to a different amount or are you re-mortgaging to free up capital in the house or to get money to build an outside heated swimming pool for example?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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