thinking of remortgaging

jennmark

Hi everyone,
I currently have a mortgage with nram for £96,500 on their discounted variable rate as it was a together mortgage we took out. I've been looking at remortgaging and from a basic search on a comparison site found we could probably reduce our monthly payments by around £45, which I would actually continue to pay as a regular overpayment. This does assume my estimated valuation of my property is accurate which is difficult to discern as most of the properties in the surrounding area are lah so sales are few and far between. Firstly, is there anyway to get an accurate valuation of my property, preferably without having to pay anything out. Secondly, when we took out the mortgage I was earning around 22k a year and my husband something similar, since then my husband's wage has pretty much stayed the same and I have given up work to become a sahm so our income has halved, we are comfortably managing all our outgoings and as we used redundancy money to pay off our other outstanding debts we have less than £300 short term debt on a tools account for my husband and nothing else. So do you think we would get a mortgage for nearly £97,000 on an income of around £22,000?
I would really love to be able to make overpayments on my mortgage, and obviously don't want to be paying out more than I need to in interest.
Thanks in advance
Jen

Thrugelmir

Is your mortgage on an interest only basis?

kingstreet

The only way to find out if your estimate of value is correct is to put it on an application and have the surveyor agree with it, or not, as the case may be. Pick a "fee-free" remortgage product, so it costs you nothing if it doesn't work out right and you don't proceed.

However.

One (of the more generous) lender's affordability calculator returns £65,110 for a two adult application with only one salary and one dependent. This is for a 25 year term.

You may struggle to get 4.4x income on your current arrangements. Tax credits and child benefit will be taken into account by some lenders, so they might help.

jennmark

thanks so much for replies. we are on a repayment mortgage with 22 years left so i was assuming we would remortgage over 22 years but would be open to suggestions. we have two children and get cb, atm we dont qualify for ctc as i earned in the last tax year but we should get some in the new tax year, i'm also self employed part time as an avon rep but i only make around £500 a year, it goes into a savings pot towards a summer holiday so i dont usually count it as income but i guess every penny counts! i suppose we shall just have to bite the bullet and apply for one. now to find a fee-free mortgage with better rates than we're currently paying.