Remortgage Advice Please!

puzzled.com

I have a joint interest only mortgage for 118k and need to remortgage in my sole name. Can anyone advise me how much i need to earn to be able to do this?? Are tax credits and maintenance payments included? and does it help that there is a lot of equity in the property? I would rather have an idea inadvance rather than apply and be turned down..

Many Thanks in advance.

holly_hobby

Its not how much you need to be earning, but what your income actually is that is important.

Working Family Tax Credit - some lenders include with income & mulitply the whole lot - others will only add as a secondry income (i.e take one lot of), some don't accept at all.

Maintenance payments - have to be under a court agreement i.e gte'd. Whether they will be taken into account depends on various factors inc how long they are payable for i.e till your youngest is 18 or whenever the court agreement runs to, and how that term fits in with reqd mge term & borrowing.

Although if I had to hazard a guess, the fact that you qualify for an income based benefit, would suggest to me that you may be a little short on the affordability matrix.

Seek advice & a market search from a whole of market adviser - check there is no up front fee. They will tell you from looking at your financial situation whether there is a viable option (and lender) available .. or not (as the case may be).

Hope this helps

Holly

originalmiscellany

Why don't you fill in an SOA
http://www.makesenseofcards.co.uk/soacalchelp.html

which can itemise and highlight how much you bring in and potentially could save per month. That could be a useful indicator as to what you can afford in terms of a mortgage.