Help..cant get remortgage any more ??

loady

I have been happily paying my mortgage for 15 years without issue, i can currently over pay comfortably and the time has come to again to change product, my current lenders rates are quite good but i found some even better rates from the yorkshire bank but they can only offer me 52,000, i went into four other banks and the stroy was the same, what can i do ?..they seem to be offering mortgages now on affordability rather than mutiples of your income which mine is 30k+ a year, because i have four children apparently i cant afford to pay my mortgage, this is madness, it seems they a just assessing everyone with a blanket cover, i can easily afford to pay more than i am right now so is there anyway round this ??..can a broker get me what i need ?

Dave_Ham

Hi there,

I am surprised that this has not been resolved for you in banks, please tell me though they did not all credit score you?

Yorkshire are always a bit tight on multiples/affordability but on your income this is just not having 4 children.

Have you another mortgage or any significant HP commitments, loans, credit cards or if joint application does your wife or partner as the numbers do not stack up..

A broker will inevitably help (I am biased) but I would hope a good one will immediately be able to determine why your borrowing amount is limited. I imagine it would take me or one of the other peeps on here under 10 minutes as there is an underlying reason..

Dave_Ham

Still too early in the morning, apologies.

Either that or you have a relative low number of years to repay and hence the amount, this too will have an easy solution.

loady

No other loans or commitments !!..we actually inherited some money which we are investing (i know we should pay off some of the mortgage with it but you never know whats down the road).

So i earn 30k a year, my wife does not work, she recieves child tax credit and carers allowance and obviously child benefit but these have not been included into the equation.

My current lender natwest are offering my 2.75% natwest rate tracker, and yorkshire bank are offering 2.69% bank of england tracker and an even better one with £295 product fee, however, despite the person saying i could see those offers online, i cant, so maybe they were only available on thier system...i want to find a mortgage soon, it runs out in may !!

loady

Yes..i have i think about 110k to pay over ten years..so i am 0-60% LTV i heard some0one say this..im not very good business for them as they cant make any money from me..if i was increasing the term they would love...seems like the banks still want you to be in debt to them !!

loady

i had a very good broker who i truted dearly but i have lost him as he no longer works in the feild, i understand that a broker will make money on products and that i need one that looks at the whole of market, essentially i want a broker i can trust who will look for the best deal for me.

sterlingstash

Not a mortgage broker, but to me £110k to pay over 10 years sounds quite a lot on a £30k salary. Repayments at a reasonable 4% (rates are likely to head up over that term) is over £1100 a month, and on 30k you can;t be clearing much more than £1500 net. I can see the banks wondering whether thats enough to live on for a family of 6!
The invested savings brighten the picture (as long as they're not all stuck in some high risk emerging market fund)

loady

it might be less, i earn 1824 NET pcm, but as i said, we get child benefit and child tax credit and other things that help towards living on, my little hobbies help with pocket money, so we can afford to live..as for the savings..we are going to a meeting at the halifax today with thier financial advisor, from there i will look online armed with the information i get from them as what to do with investment.

HappyMJ

loady wrote: »

it might be less, i earn 1824 NET pcm, but as i said, we get child benefit and child tax credit and other things that help towards living on, my little hobbies help with pocket money, so we can afford to live..as for the savings..we are going to a meeting at the halifax today with thier financial advisor, from there i will look online armed with the information i get from them as what to do with investment.

How many years did you ask the £110k mortgage to be over. 10 years will not be affordable. If you ask for 25 years and pay whatever amount you want to pay they may see the payment as now being affordable. You can still clear the mortgage in 10 years if you wish.

opinions4u

Apply for a longer term.

Then overpay.

loady

that sounds a bit dangerous...wont i get a worse rate ?..what if products stop letting you overpay without penalty ?