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Remortgage / Mortgage - LTV %
oasisfeverish
Posts: 341 Forumite
Am currently looking to move, however meanwhile to take advantage of fixed rates before the rise, will be looking at this option.
Question is that I am currently not working, worked for 19 years upto last summer, then redundant, but have decided to take some time out and savings have been covering all outgoings plus I could last another 6 - 12 months.
My LTV on my property at the moment is approx. 30% and if I move, will be no more than 45%, plus even at 45% the monthly payment on a fixed rate will be less than I am already paying (SVR), so the affordability is no question. Also would be buying with OH who's disposable income alone would cover mortgage & household bills.
But what are the views from lenders, that I am currently not working, although have be paying for the last 15 years mortgage with no problems or arrears?
Question is that I am currently not working, worked for 19 years upto last summer, then redundant, but have decided to take some time out and savings have been covering all outgoings plus I could last another 6 - 12 months.
My LTV on my property at the moment is approx. 30% and if I move, will be no more than 45%, plus even at 45% the monthly payment on a fixed rate will be less than I am already paying (SVR), so the affordability is no question. Also would be buying with OH who's disposable income alone would cover mortgage & household bills.
But what are the views from lenders, that I am currently not working, although have be paying for the last 15 years mortgage with no problems or arrears?
Financial Aims for 2012:
1. To pay off Car loan (£2,163.85 / £300.23 : 13.9%) 2. To pay off Joint OD ([STRIKE]£1,928.53[/STRIKE] / £1,928.53 : 100%) 3. To pay off GF's CC (£1100.31 / £0 : 0%) 4. To OP Mortgage (£1000 / £0 : 0%)
Money Saving / Making in 2012:
1. Ebay (£0 ) 2. Surveys (£0 ) 3. Quidco (£156.45 (Feb 12) ) 4. Lottery (£0 ) 5. Groceries (£0 )
1. To pay off Car loan (£2,163.85 / £300.23 : 13.9%) 2. To pay off Joint OD ([STRIKE]£1,928.53[/STRIKE] / £1,928.53 : 100%) 3. To pay off GF's CC (£1100.31 / £0 : 0%) 4. To OP Mortgage (£1000 / £0 : 0%)
Money Saving / Making in 2012:
1. Ebay (£0 ) 2. Surveys (£0 ) 3. Quidco (£156.45 (Feb 12) ) 4. Lottery (£0 ) 5. Groceries (£0 )
0
Comments
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Please post your details:
* New property value?
* New mortgage required?
* Deposit?
* OH Income
* Adverse history?
No lender that I am aware of will give you a mortgage without having an income. However, your OH's income may be sufficient to cover the new mortgage amount.I 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 -
If the mortgage and property is in your name alone, and you have no income, you will not get a mortgage.
If it is in joint names, then your partner's income may be enough to get the mortgage agreedI 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 -
Please post your details:
* New property value?
* New mortgage required?
* Deposit?
* OH Income
* Adverse history?
No lender that I am aware of will give you a mortgage without having an income. However, your OH's income may be sufficient to cover the new mortgage amount.
* £200k or less
* £85k or less
* £120K+ (depending on house sale, but this is the minimum based on sold properties & market rate)
* £18k Annual
* None
* I do 'earn' between £600 to £1000 per month, completing free daily clicks on cashback sites, however I'm not sure you could class this as a salary?
* Additonally been with the same lender for 15 years, plus used to be staff.Financial Aims for 2012:
1. To pay off Car loan (£2,163.85 / £300.23 : 13.9%) 2. To pay off Joint OD ([STRIKE]£1,928.53[/STRIKE] / £1,928.53 : 100%) 3. To pay off GF's CC (£1100.31 / £0 : 0%) 4. To OP Mortgage (£1000 / £0 : 0%)
Money Saving / Making in 2012:
1. Ebay (£0 ) 2. Surveys (£0 ) 3. Quidco (£156.45 (Feb 12) ) 4. Lottery (£0 ) 5. Groceries (£0 )0
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