Remortgage

david29dpo

Before i start looking, does anyone know if any lenders take large equity into account before income?
My present loan is £37k on a £450k house.
My income is only £10k (not even 3 times the loan)
You would think with such a large LTV, they wouldn't care!

R_P_W

I think a fair few lenders generally lend more than 3 times a persons income. The key question will be can you afford the payment based on your income and other commitments? Unless you have large debts that you need to service I'm going to assume yes you can

Caz3121

How much are you trying to borrow?

Thrugelmir

david29dpo wrote: »

My income is only £10k (not even 3 times the loan)
You would think with such a large LTV, they wouldn't care!

Of course they do. You still require a certain income to pay for food, light and heat, debt repayments, along with basic living expenses. Let alone maintain a £450k property.

GMS

Equity doesn't pay the mortgage, income does.

A lender choosing to lend on the basis of plenty of equity would be irresponsible and find themselves in hot water if and when they tried to enforce the debt.

What are you looking to achieve?

holly_hobby

Little late to the party on this one ...

But as already stated, regardless of a low LTV, your assessed income shall have to be sufficient to service the mortgage for the stated term - period.

Now the lower the LTV the more generous the multiple may be (especially if you go via a non credit scoring lender), and at 4 x there will be home for this.

Indeed, as a starter Ipswich BS don't credit score and offer 4.75 x single for <75% LTV. (I'm assuming eveything else is clean on you).

They offer a nationwide service for direct business, but do have geographical restrictions for Intemediary introductions, and also currently offer a fee free remortgage service - you may want to give them a call to sound your options out and obtain a benchmark product, then visiting a broker to assess if they are able to source a more attractive product & lender for your requirements.

Hope this helps

Holly