Would i be able to remortgage

karenn1957

The facts are i have been living on my own since my partner died nearly 5 years ago and although im only earning 12200 plus 1000 in wtc i have never missed a mortgage payment, or any other payments for that matter, but when i enquired about remortgaging i was told because of the affordabilty factor it could not be done..dosnt seem fair that i have around 140k equitity in my property which is worth around 200K at the moment with an existing mortgage of 54K.
Is there anywhere else i can try apart from the majors that i have already tried?
im not in a fixed as this as ended and am wondering whats my next best step. I would like to remain in the property for a couple more years and then sell and downsize, hoping things may be a bit brighter then.
thanks for any advice

BOBS

This is maybe a stupid question, and I hope it doesnt sound rude - but did you both not take out a life insurance policy along with your mortgage. We had to take out a policy along with ours that would pay the remainder of the mortgage in the event of either of our deaths.

VT82

When you say 'remortgaging', have you asked to borrow more money from your current lender, take out a new rate with your current provider, or move to a new lender?

The figures suggest you would be able to get a mortgage for around 40k in the current climate. For what it's worth, with your relatively small mortgage, and the fact that it sounds like you are on a standard variable rate which should hopefully be a reasonable rate, remortgaging might not save that much money for now.

CloudCuckooLand

Rather than risk losing the house, when rates rise and you fall into arrears, I'd think seriously about selling this spring to downsize and have a smaller mortgage that your income can easily support.

House prices could fall this year, as the cuts hit. In "a couple more years" what you can get for your place could be less than now.

herbiesjp

First port of call would be your current lender to see what they can offer.

Then you would need to compare against the rest, taking into account exit and set-up fees.

However, based on the relatively low mortgage amount, you should be looking at deals with low or no set-up fees as these will have more impact on your decisdion than the interest rate.

getmore4less

What rate are you on?
Why do you think you need to remortgage?

karenn1957

I would like to borrow moreon my mortgage to pay off my credit cards...that would mean remortgaging for 70K.

Thrugelmir

karenn1957 wrote: »

I would like to borrow moreon my mortgage to pay off my credit cards...that would mean remortgaging for 70K.

Therein lies your problem. Best to plan to downsize now before the situation deteriorates further.