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will i get a new mortgage?
russellbarrett
Posts: 43 Forumite
hello everyone,
i'm after some help,
i currently have a mortgage with the woolwich, and the fixed rate ends in september.
i will have about £72k left to pay when the fixed rate ends.
trouble is my circumstances have changed somewhat:
the mortgage was based on me and my partners joint salary of around £31k.
wehave now had a baby so my partner no longer works so our income is about £20k+benefits of about £1300.
we have also run up about £10k worth of debt but we have just taken control of that.
thing that worries me is that i wont be able to get a new mortgage when my fixed rate runs out.
does anyone have any thoughts on the issue.
thanks in advance
russ
i'm after some help,
i currently have a mortgage with the woolwich, and the fixed rate ends in september.
i will have about £72k left to pay when the fixed rate ends.
trouble is my circumstances have changed somewhat:
the mortgage was based on me and my partners joint salary of around £31k.
wehave now had a baby so my partner no longer works so our income is about £20k+benefits of about £1300.
we have also run up about £10k worth of debt but we have just taken control of that.
thing that worries me is that i wont be able to get a new mortgage when my fixed rate runs out.
does anyone have any thoughts on the issue.
thanks in advance
russ
0
Comments
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Looking at your circumstances you should be OK for help.
See a good whole of market mortgage broker.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
It does not seem that you are overstretching yourself although I expect the drop in income and an addition to your family is makng you anxious. How much are your monthly credit commitments?I am a Mortgage Adviser
You 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 -
about £250 in total0
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Your first port of call should be Woolwich anyway, to see what they will be able to offer.
However, you should be able to get other lenders to agree the mortgage amount for you also. The more you can reduce your debts between now and then the better it will be for you in terms of money saved , but also mortgage schemes availableI 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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