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Remortgage imminent
WAVINGORDROWNING
Posts: 1 Newbie
Our interest only mortgage term finishes end of July and we need to remortgage. It was self-cert, no defaults, no black marks but now our income is much reduced. Need to find £340,000, pref. repayment not I/O on 45% LTV. Have not yet contacted current lender but pretty sure we no longer comply with their rules (age). Future income good (building holiday let in des. rural location) but present income not good enough by very long chalk. Any suggestions other than fairy godmother gratefully received.
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Comments
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There are various ways of approaching a case like this. Are you increasing your borrowing? If the answer is yes , then perhaps a semi commercial deal at low rates (c4.5%). If you are not increasing loan size, then your current lender will not normally need income details and it will be a simple product switch.0
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Make capital payments to the mortgage and start reducing the balance owed.0
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