Sad - refused mortgage

natlie

Hi,
I called my bank today to see if I could transfer my mortgage to buy a new house, I need to increase the mortgage by £44k to afford the house we need - we currently live in a tiny 3 bed semi - when I say tiny the whole downstairs area of the house is 16 foot by 26 foot there are 5 of us me, partner as 3 kids age 11, 5 and 8 weeks.

My partner is off work with depression but gets ESA at the higher rate, I am on £34k, I have managed mortgage alone for 8 yrs and all the bills I have a bit of debt but credit is good. On a new mortgage my payments would be cheaper as I am currently on fixed rate 5.9% from before the ec. issues. Thet sais they are refusing me as I have too many dependents

Can I do anything about this - help appreciated
Nat

_Andy_

Speak to a whole of market broker who can look at other lenders

Thrugelmir

If you can afford a larger mortgage and property. Tackle your credit card debt to improve your finances. Overpay your current mortgage to build equity.