Problem remortgaging because income a lot lower

71cooldude

When my husband and I took out our current mortgage, our income was considerably higher due to doing up a few properties, via my husbands business, and maintenance from an ex-partner which we no longer receive.
Our fixed rate mortgage ended some time ago and we are currently on a variable rate which has seen several increases. Our problem is, because our income is now considerably lower than when we took out our mortgage, we can't remortgage to the extent of our borrowing and we are therefore effectively 'stuck'.
Has anyone any suggestions as to how we can move forward?

olly300

Have you tried the lender you are currently with?

Simon_gloster

Remortgaging won't happen? Did you want extra money?

Thrugelmir

71cooldude wrote: »

we can't remortgage to the extent of our borrowing and we are therefore effectively 'stuck'.
Has anyone any suggestions as to how we can move forward?

I assume that you've built up a sizable amount of unsecured debt as well.

Suggest you sign up the Debt Free Wannabe board. Plenty of advice and support on there. In particular how to slash your outgoings and get to grips with your problems.

There's no easy options. Other than hard work I'm afraid to say.

dktreesea

How about both taking on second jobs, just for a short period of a few months, sufficient for the bank to take those income streams into account, remortgage the property, and then drop the second jobs?