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Any chance of a re-mortgage?
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prodigy9
Posts: 25 Forumite
Hi, thought I’d get some advice although I suspect I won’t like what I’ll hear. My wife and I currently have a £188k mortgage on a house we bought 10 years ago. The value of the house is probably around 250-260k.
We are looking to remortgage and fix. We are currently on a LIBOR + 2.6% with Redstone Mortgages who are a sub-prime lender. We took our current mortgage out with them over 2 years ago when our credit history was pretty poor but it has improved considerably since then, however our income has gone down drastically. My wife is now a stay at home mum and I am earning c£21k not including over-time which adds another 3-4k+ p.a.
My question is will any lender look at us? We have never missed a mortgage payment in 10 years and my job is pretty stable.
*Forgot to mention we also get about £950 per month in child tax credits and child benefit. May not make much difference.*
We are looking to remortgage and fix. We are currently on a LIBOR + 2.6% with Redstone Mortgages who are a sub-prime lender. We took our current mortgage out with them over 2 years ago when our credit history was pretty poor but it has improved considerably since then, however our income has gone down drastically. My wife is now a stay at home mum and I am earning c£21k not including over-time which adds another 3-4k+ p.a.
My question is will any lender look at us? We have never missed a mortgage payment in 10 years and my job is pretty stable.
*Forgot to mention we also get about £950 per month in child tax credits and child benefit. May not make much difference.*
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Comments
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No, you don't earn enough.0
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Wow. Don't sugar coat it will you :-) However it's as I suspected. Thx anyway.0
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Well done on paying a £188K mortgage on £25k a year but if rates do start to rise you will I think struggle0
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