Remortgage for sole applicant

janeyd28

Hi
I currently have a interest only mortgage of £76,000. I would like to remortgage and change to a payment mortgage over 30 years. I would also like to release some money for some home improvements (as much as I can).
I estimate the house is worth about £94,000 (next door sold for £92,000 last June and I have newer kitchen/bathroom).
I work part-time and taking into account salary, wtc, child benefit, and 60% of the child maintenance i receive my annual income is £24,000. I have 2 dependents and an excellent credit rating.
Can anyone advise of a high ltv deal for these circumstances.
Thank you

kingstreet

I suspect you'll have two issues;-

- your income and affordability

- the loan to value.

Use a lender's online affordability calculator and break down your income into its component parts. Don't forget to enter the number of dependents you have.

At £94,000 the maximum amount may top out at 85%, or £79,900. That would make the remortgage hardly worth doing. You might find the odd 90% option £84,600, but they may ask for estimates for the improvements and supervise the work to ensure you are not just capital raising for other purposes.