Ackward situation, age and earnings wise. Need a broker?

Avallon_2

Hi,

I would greatly appreciate any help.

My partner's and my situation is as follows:

Partner is a supply teacher with a contract until the end of Dec this year. Earnings are about 21k. Partner has had a constant supply income over the past three years, about 16k on average, with proof. She is currently 50 and has no debts.

I am employed on 21k a year. I'm 25 and pay GBP130 per month in credit repayments.

Our outstanding mortgage amount is 83k, but we will need to borrow an extra amount of up to 7k (roof repairs). The value of our house is between 90 and 100k.

We would like a mortgage with as low a repayment as possible for the next few years until my earnings increase.

What are the possibilities?

JoeK_3

You should contact your existing lender and ask them for a further advance for home improvements.

JoeK

MortgageMamma

Are you tied in to your existing mortgage? i.e. would you have to pay an early repayment charge if you were to move your mortgage to another lender?

herbiesjp

The actual current property value will impact heavily here on what options you have available. If the survey comes back with a value of £90k you will be looking for a 100% re-mortgage

I would ask a few local agents if they have sold similar properties to yours recently and what they have SOLD for, not what yu can put them on the market for

I would then contact a whole of market adviser, simply to see what options you would have available, as you r current lender may not be able to help

Definitely find out if there are any penalties to leave

Avallon_2

Thanks for that.

We wouldn't have to pay any leaving fees if we leave, and the reason why I'd like to explore other options is because our mortgage lender isn't particularly cheap.

Are there any products which might fit our requirements/what kind of interest rate (and/or repayment) should we be thinking of in our situation?