Does anyone know of any leniant, mortgage companies?

Something

This is a bit of a long shot.

My mortgage is currently £165000, We have £7500 in savings which we could put into the mortgage if needed.

I am wanting to change our mortgage deal as it will finish soon, however my wife has lost her job, so currently I am the only earner (currently on 31,000).

I'm with halifax, and they will offer me a deal without any further checks, but there are better deals out there. Have I got a hope in hell of being offered another deal with another company on my current salary with the mortgage the size it is?

My house was brougth for £205000 and hasnt devalued, I have also never missed a payment (if this means anything).

Simon_gloster

Lenient, Cheshire mortgage corporation, Blemain!!!

Were you after lenient in terms of affordability? I'm afraid based on those figures no lender would go to those lengths. Any other form of income from app2 will help you loads.

beecher2

Your best option might be to go on Halifax's SVR of 3.5% and overpay, so don't discount that option.

Simon_gloster

As beecher says, Halifax SVR or a product transfer is your only option.

Something

Thats the plan beecher, just seeing if anything else on offer, Nationwide seem the most generous (according to their calculator but they can onyl manage £123000), anyone got a spare 40k sitting around I can borrow

Something

I spoke to halifax about the product transfer, but doing the numbers, i'm probably best off straight on the SVR (3.5%), which looks ok.

Thrugelmir

Reducing the size of the mortgage debt is your only option. If your wife is unable to find work on make an income of any kind. Then downsize the property.

Not a question of lenders being lenient. More about taking a common sense approach to protecting what you've got. Than see it all disappear.

Something

Thrugelmir wrote: »

Reducing the size of the mortgage debt is your only option. If your wife is unable to find work on make an income of any kind. Then downsize the property.

Not a question of lenders being lenient. More about taking a common sense approach to protecting what you've got. Than see it all disappear.

We are not planning on moving just yet, and I can make the payments fine (last month i OP'd by £700). Why would we want to downsize the property?

We are taking a common sense approach, hence why I asked the initial question here, its just annoying knowing there are better deals out there that I can see, and comfortably afford, yet can't get, when we already have a property that we have proven we can handle.

Thrugelmir

Something wrote: »

We are taking a common sense approach, hence why I asked the initial question here, its just annoying knowing there are better deals out there that I can see, and comfortably afford, yet can't get, when we already have a property that we have proven we can handle.

Lenders measure risk in a different way to the perspective applied by borrowers to affordability. Better interest rates equate to lower risk for the lender.

DetainWino

You realise that being on SVR is actually very good, with a lot of lenders these days. The rate is good and the conditions very lenient, no ERCs/tie-ins etc.

Looking at the Nationwide's website it looked like most the mortgage deals were worse than your 3.5% SVR at the Halifax. Best I could see from them was around 4%.

A lot of new lenders products don't actually default to SVR at end of term any more.. but to a new less favourable 'SVR'. That's my personal situation with a further lender (gone to SVR, makes no sense to get a new product).