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Refused by Halifax anyone any ideas?
breezie
Posts: 2 Newbie
Hi
My wife and I unfortunately have ended up running a large debt we were hoping to pay off by borrowing more on our mortgage. What happened today was that we were accepted for a mortgage but are unable to borrow any extra on top of our current £67000. We had hoped to add £23000 to this and pay off the 90,000 over as long a period as possible. My income is £19125 a year my wife is unemployed her income is child tax credit and child ben of approx £5000 a year. I currently owe approx £13000 on credit cards. We also have two hire purchases totalling around £3800. I realise we are not exactly a catch due to the level of debt!!! What I had hoped to do was borrow £45000 on an interest only basis and the other £45000 on repayment. Even though I was able to prove that I could repay the £45000 with a lump sum from a local government pension scheme when I retire this appeared to be a stumbling block. I am 48 and my wife is 40 as she is unemployed I am guessing this would be a stumbling block in relation to getting a mortgage up to her retirement age rather than mine. I have a feeling nobody might take us on because of the extra we are asking for any advice would be greatly appreciated
My wife and I unfortunately have ended up running a large debt we were hoping to pay off by borrowing more on our mortgage. What happened today was that we were accepted for a mortgage but are unable to borrow any extra on top of our current £67000. We had hoped to add £23000 to this and pay off the 90,000 over as long a period as possible. My income is £19125 a year my wife is unemployed her income is child tax credit and child ben of approx £5000 a year. I currently owe approx £13000 on credit cards. We also have two hire purchases totalling around £3800. I realise we are not exactly a catch due to the level of debt!!! What I had hoped to do was borrow £45000 on an interest only basis and the other £45000 on repayment. Even though I was able to prove that I could repay the £45000 with a lump sum from a local government pension scheme when I retire this appeared to be a stumbling block. I am 48 and my wife is 40 as she is unemployed I am guessing this would be a stumbling block in relation to getting a mortgage up to her retirement age rather than mine. I have a feeling nobody might take us on because of the extra we are asking for any advice would be greatly appreciated
0
Comments
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Is Halifax your current lender, or were you trying to remortgage?
Did they credit score decline, or simply not lend enough?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Sorry just re-read.
Interest only incredibly unlikely, although would suggest a broker would achieve this on full repayment terms.
Get a broker, if you have one; get a better one as would fancy this is achievable.
Put serious thought into securing an unsecured debt though...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
£1 million pound mortgage fund needed to cover the interest only amount you require.
The other applicant and dependants are lowering the mortgage amount even though they accept the debts will be repaid from the mortgage funds you seek.
They will take 60% of state benefits meaning £3k on top of your basic. It's tight on affordability do you need a lender who takes 100% of state benefits really. Broker needed.0 -
Thank you both for your advice. I will approach a broker.0
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