Remortgaging next year - 50% ish LTV

joanne109

Our 5 year 5.19% end in March 2014

We owe £255K on the mortgage and have around £68K other debts. Outstanding debt £324K
Not sure what the house is wort but assume similar to neighbours selling IRO £595 - £650K (AL3 5??)

Our Income is £60K from earnings
Benefits are £8K (OAP and Child benefit)

We have no late payments or CCj's etc

I am 49 OH is 67 years old - on that basis can anyone advise what kind of mortgage we could reasonable expect to be offered? (if any)

Thank you

Joanne

Thrugelmir

Given the level of "other debts " that you have. You may well be restricted to the product that your existing lender will offer. Remortgaging to a new lender may well not be an option. The age of your OH doesn't help matters either.

Gizmo247

Looking at the statistics in your signature, the debt does not seem to be dropping fast enough for a repayment mortgage.

What is your life strategy as a couple? It looks to me that it will not be feasible to pay off the mortgage before term. Given your OH's age, have you considered downsizing sooner rather than later. So maybe a move is required rather than a remortgage.

Goldiegirl

Gizmo247 wrote: »

Looking at the statistics in your signature, the debt does not seem to be dropping fast enough for a repayment mortgage.

What is your life strategy as a couple? It looks to me that it will not be feasible to pay off the mortgage before term. Given your OH's age, have you considered downsizing sooner rather than later. So maybe a move is required rather than a remortgage.

As above.

A downsize would allow you to clear your debts, and reduce your mortgage considerably.

joanne109

Thanks to everyone for their advice

I would love to downsize but OH doesn't want to.

About 10 miles up the road we can buy a bigger house for £200K less than our current home.

I can't get through to him that I'm working 3 1/2 weeks every month to pay interest.

We did have a long chat last night and he has agreed to go and look at other properties within 5-10 miles.

Our fixed rate ends in March next year and we'll see then just what the situation is, I'm just tired of working long hours and not having any money.
Like a lot of people these days I suppose!

Joanne

Thrugelmir

joanne109 wrote: »

Our fixed rate ends in March next year and we'll see then just what the situation is, I'm just tired of working long hours and not having any money.
Like a lot of people these days I suppose!

Joanne

Far more to life than eternally chasing money and property. Health, family and friends for a start.

michaels

joanne109 wrote: »

Thanks to everyone for their advice

I would love to downsize but OH doesn't want to.

About 10 miles up the road we can buy a bigger house for £200K less than our current home.

I can't get through to him that I'm working 3 1/2 weeks every month to pay interest.

We did have a long chat last night and he has agreed to go and look at other properties within 5-10 miles.

Our fixed rate ends in March next year and we'll see then just what the situation is, I'm just tired of working long hours and not having any money.
Like a lot of people these days I suppose!

Joanne

5 Miles up the road in Harpenden you would be lucky to get a garage....

If the kids are already in the right schools obviously their are cheaper places in live even in St albans.

John424

I lived in Harpenden for a few years, you're right, it's not got the most expensive residential street outside London for nothing, Park Avenue South, check it out...

dimbo61

Will £350K not buy a house you can live in ?
Round here £350K would get you a 4/5 bed modern house with double garage and good schools nearby.
The Heart of Cheshire and only 105 minutes by train to euston

joanne109

michaels wrote: »

5 Miles up the road in Harpenden you would be lucky to get a garage....

If the kids are already in the right schools obviously their are cheaper places in live even in St albans.

Kids not old enough yet to be in the right schools - we're within STAGS catchment area and once the girls are in there we'll move.

I'm thinking beyond Harpenden - Hitchin, Letchworth or perhaps even really trade down and go to Dunstable

Thanks for your reply

Joanne

joanne109

Thrugelmir wrote: »

Far more to life than eternally chasing money and property. Health, family and friends for a start.[/QUOT

I agree

Joanne