Any chance of me getting a remortgage?

madison's_mum

Hi,

I have a joint mortgage of £88k (house worth approx £110k-£115k) with my ex husband, no other debt. He's run up debts he wants to pay off so i'm looking into the possibilty of trying to raise £8k in a remortgage to pay him off and put the house in my sole name. My problem is since i took the mortgage out i have gone from full time to part time work so now only earning £14800 a year. My partner is self employed but in first year of trading and only getting an average of £100 p/w. I dont want him to go on the mortgage but would it be possible to have his earnings taken into account?

Also ideally we'd want to move to a larger house within the next 1-2 years, there's no way i could get a mortgage to cover that so i would like to rent out this place and rent somewhere larger so i still have a property. Would i be better off looking to see if i could get a BTL remortgage and move now? Or am i going to be stuck in my current mortgage until its paid off?

thanks

kingstreet

At the present time, you are unable to remortgage.

Your income and your partner's trading position will prevent a residential remortgage.

Your loan to value may be too high for a BTL remortgage. The value of your property means you may need more than the 85% maximum currently available.