Help with mortgage renewal please!!!

vipergrm

I know this has probably been asnwered a million times already, so make this a million and one

I am trying to renew my mortgage currently and I wasn't too pleased with my renewel quote from Progressive. Basically, my payments have now jumped from £608 per month to £652 per month even though interest rates have fallen since I took this out 3 years ago (over a 30 year period).

They have massively under-valued my house because someone decided to Google the area and pick the lowest cost house they could find in the area and base it on that. I would estimate my house to be worth at least £20,000 to £30,000 more judging by other current selling prices.

Anyway, the trouble I am having is actually getting a mortage with another lender. The reason for this is because, although I have been in the same job for 3 years, itsn't permanent per-se, but there is no end date and I am certainly likely to be here for some time yet. My wife is self employed and because she has been self employed for less than 2 years they won't consider her income.

This isn't too much of a problem as I can still afford to get the mortgae that I need on my own name. My only problem is; which lenders will consider my circumstances and are likely to approve my request?

Rather frustratingly, I went through the whole remortgage questonnaire with the Co-Op and they accepted my application after hours and hours on the phone. At the VERY LAST MINUTE they declined they application because I am a 'temporary worker'.

Can anyone point me to a mortgage lender that is likely to approve my application?

I need to borrow £120,000 over 30 years max and my LTV is around 85 to 90% unfortunatley due to the loss of value to my property over the last three years since I last applied for a mortgage. Really appreciate any pointers. Thank you!

Dave_Ham

Hi there,

I would just go to a mortgage broker who does not charge an upfront fee, as this should be straightforward to place.

Some lenders are more flexible than others on your employment type and if necessary some lenders would work off of 1 years accounts and 1 year projection (from a chartered accountant) to include your Wifes income.

Failing that, if you had a good look through this forum you will find many similar threads which will give you a heads up on which lenders were used in similar cases and co-op would not be one...

Good luck...

getmore4less

What sort of employment contract do you have.

If you have 3 years continuous service you have the same employment rights as a "permanent" employee.

vipergrm

Thanks for that. I'm employed through an Agency and have been for the past 3 years. Apparently I am still listed as a temporary worker even though there is no end date. There's other guys doing the same job as me and they have been with the company for more than 5 years. Funny, my current lender is happy to take an extortionate monthly payment from me despite the fact that they know I am not permanent.

Simon_gloster

Someone help me, is Progressive Welcome finance?

Lloyds BG stipulate from cml website, teml workers with a CONTINUOUS evidence of temp/agency work on identical fielda will be considered.