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Mortgage issue
Glasgowchap
Posts: 14 Forumite
Hey everyone,
I would like to hear from any brokers or others who might be able to adivse if I am likely to be able to increase my mortgage.
My current mortgage is 140K repayment mortgage on a house worth approx 250K. I want to remortgage in 2 months time nd increase the mortgage amount to 185K on an IO basis. This means our monthly repayments will actually be lower than they currently are.
The issue is that I am leaving my job next week to go travelling for a couple of months (my oh is taking a career break). We will be remortgaging a few weeks after we return. My wife will be back in her employment in which she earns approx 34K. I intend to become a contractor which is where I envisage the problem. It will probably take me a month or 2 to find an appropriate contract when I come back and therefore when applying for the remort I will not have a job as such - just the prospect of going into a contract in the forseeable future. I work in finance and currently earn 35K pa.
Are banks likely to lend the 185K based on our circumstances?
Thanks everyone.
I would like to hear from any brokers or others who might be able to adivse if I am likely to be able to increase my mortgage.
My current mortgage is 140K repayment mortgage on a house worth approx 250K. I want to remortgage in 2 months time nd increase the mortgage amount to 185K on an IO basis. This means our monthly repayments will actually be lower than they currently are.
The issue is that I am leaving my job next week to go travelling for a couple of months (my oh is taking a career break). We will be remortgaging a few weeks after we return. My wife will be back in her employment in which she earns approx 34K. I intend to become a contractor which is where I envisage the problem. It will probably take me a month or 2 to find an appropriate contract when I come back and therefore when applying for the remort I will not have a job as such - just the prospect of going into a contract in the forseeable future. I work in finance and currently earn 35K pa.
Are banks likely to lend the 185K based on our circumstances?
Thanks everyone.
0
Comments
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Anyone please?0
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you are going to struggle on those incomes to make it fit. You could apply now?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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