Help and advice needed for remortgaging

GB350

GMS wrote: »

Do you have any children? What term were you looking for?

Euity wont pay the mortgage, income will. Lenders can not lend based on their ability to repossess and recover their loan. In your example a joint income of 37k minus 6k debts would mean 31k. 3.5 x income roughly to get to the required borrowing. However affordability used mostly now rather than income multiples.

YBS have strict criteria. You may well find a lender willing to advance the required amount. A broker may be of use to you.

We have 1 dependant child and now no working family tax credit and are looking for a 20 yr term on this mortgage. We did try a broker who wanted a £250 fee and the best she could come up with was a 4.24% 5yr fix possibly but no guarantee... We walked away... Maybe we will try someone else..
The point I was trying to make here was about these affordability calculators that are making it nigh on impossible for alot of people to change lenders even though they have not failed at any stage to meet their repayment obligations.

Appreciate your input . Even though this is'nt my thread....

GMS

Is the 20 year term a choice or a necessity due to age? Have you considered a longer term with a view to making overpayments (if it helps affordability)?

Firstly you need to stop chasing rates. Being turned down by 2 lenders is enough. You need to apply to the correct lender who may not necessarily be the cheapest rate.

Have you considered repaying the 6k debts with the remortgage? Obviously long term costs need to be considered but it may help you get what you want.

Broker fees vary but find one who is paid on completion. That way there is no risk to your money. No such thing as a certainty in mortgages but with proper research it should be 99%

GB350

Ybs would only go to 19 yrs.. I'm 44 but their cut off is 65 and they work 10 months ahead... Sure that others may not be so strict.. We looked at repaying the 6k debt on the mortgage but are expecting an 8k payout from our current lender (Halifax) owing to a breach of the T&C's on their part 3 yrs ago but that is another story..
Appreciate your advice on brokers and fees and guess this is most likely how we will proceed. Still want a decent rate for a 5 yr fix though.. Would hope to get somewhere close to 4%.
Thanks again...

Dave_Ham

You will get a mortgage, but certainly not a 5 year fixed at 4%

Think you may be better sourcing the mortgage yourself given your outlook on fees and rates, as the only fee free mortgage brokers about are unlikely to be skilled enough to locate a product that meets your criteria.

There are a couple that you would be borderline with between 3.6% and 4.2%, but next thing is you probably will not like product fees from the lender.

Rates are on the increase, so may be better to commit to a rate now rather than an unfruitful search...

Good luck...

Lastchance2

Hi, Lastchance2 back again! I have spoken to Accord and they will only offer a 2yr self cert at 4.4% but only for the mortgage, they wouldn't give any additional lending. Do you think this is our only option or should we try digging further?? Thank you in advance.

Dave_Ham

Yes - I think it is worth biting their entire arm off for this and then if you require the additional funds take it as a secured on unsecured loan...

It will be better off having the bulk of your debt on a mortgage basis on a sensible rate.

Good luck

Lastchance2

Hi, Thank you for taking the time and trouble for replying to us, I don't think we will get much better either!!