Remortgage with low income

wwp8

My fixed rate mortgage have expired and I'm looking to borrow an extra £10k

Currently my house is valued approximately £200k
owes around £67,500

I am struggling to find a lender due to my low income of 18540.

Any advice?

ACG

Go and see an advisor, based on just the info above thats doable.

If you have other debts (loans, CC's, HP)/CCJs,/Defaults etc then it might not be so easy.

Dave_Ham

If income is the only issue then do not worry - this should be a piece of cake...

wwp8

I am currently struggling, tried a few brokers and they are struggling too

My hopes are to borrow an additional 10k currently owe approximately 66500 with 13.5years left

Any ideas?

HappyMJ

wwp8 wrote: »

I am currently struggling, tried a few brokers and they are struggling too

My hopes are to borrow an additional 10k currently owe approximately 66500 with 13.5years left

Any ideas?

Which bit are they struggling with. You have the equity. Plenty of it. You have the income. Although more than £20,000 would be better for the increased lending the income you have is sufficient for the original amount. If it is the years remaining then change it to coincide with your retirement date. If it means setting it to 25 years then do so and repay it in 13.5 years anyway.

wwp8

HappyMJ wrote: »

Which bit are they struggling with. You have the equity. Plenty of it. You have the income. Although more than £20,000 would be better for the increased lending the income you have is sufficient for the original amount. If it is the years remaining then change it to coincide with your retirement date. If it means setting it to 25 years then do so and repay it in 13.5 years anyway.

It's the income, apparently lenders can only squeeze to 62k (average)

HappyMJ

wwp8 wrote: »

It's the income, apparently lenders can only squeeze to 62k (average)

Is it possible to find a part time job just for a short while. A few evenings a week will earn a few thousand a year to get over £20,000. Then you can get the mortgage and if you didn't really want the job you could quit the evening/weekend job or you could keep it and clear the mortgage really quickly. What about asking for a pay increase or more responsibility at your full time job in return for just a little more money?

You don't have far to go to meet the income multiple requirement so keep at it and you'll get it approved with a mortgage lender. Maybe the only way is to reduce the balance down to £62,000 and borrow the rest on a cheap unsecured personal loan or low interest credit card.

Dave_Ham

Age could be the biggest barrier here, how old are you?

Aside from you telling me you are late 50's or 60's, I stand by my original post that this should be a piece of cake....