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Time for remortgage (nightmare scenario)
magpiesnest
Posts: 187 Forumite
Hi folks,
Our fixed rate deal is coming to an end next month and are looking for something new but i think we have a nightmare scenario.... let me explain!
As with most people at the moment, money is getting tighter. My wife has been made redundant but thankfully she is working self employed now. However as she is self employed the banks will not lend her anything and so that leaves me as the only applicant and my salary is not enough to match our existing mortgage. We do have savings we could use to lower the mortgage amount but we dont want to wipe out all of our "rainy day" money. To add to the mess, the house is for sale so need something portable with no or limited ERC as we will be getting a cheaper house when ours sells.
We could just move onto our lenders SVR but that will cost us an extra £120 per month:eek:
Anyone have any ideas on where to go with this as my head hurts after 2 days looking at this.
Our fixed rate deal is coming to an end next month and are looking for something new but i think we have a nightmare scenario.... let me explain!
As with most people at the moment, money is getting tighter. My wife has been made redundant but thankfully she is working self employed now. However as she is self employed the banks will not lend her anything and so that leaves me as the only applicant and my salary is not enough to match our existing mortgage. We do have savings we could use to lower the mortgage amount but we dont want to wipe out all of our "rainy day" money. To add to the mess, the house is for sale so need something portable with no or limited ERC as we will be getting a cheaper house when ours sells.
We could just move onto our lenders SVR but that will cost us an extra £120 per month:eek:
Anyone have any ideas on where to go with this as my head hurts after 2 days looking at this.
0
Comments
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Maybe suffer the SVR until your house sells and then get a new mortgage with the cheaper house?0
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