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Remortgaging next year have we got a problem?
spitandpolish
Posts: 42 Forumite
Our (joint) mortgage currently stands at £107,000 it is interest only @ 5.09% originally repayment but changed to take advantage of higher rate tax relief by paying into a SIPP and keep the child benefit for myself (stay at home dad). Anyway our circumstances have changed and it looks like we will lose the Child Benefit regardless of SIPP payments as my wife's net adjusted income will hit £60k per annum even with maximum (and soon to take child care vouchers for £121 a month gross).
The SIPP has done disastrously (my fault, a bit of fun so we can laugh about it) putting £55k in since the child benefit change and currently worth £40k understandably the wife wants to focus on paying down the mortgage and not SIPP (already has a very good company pension scheme).
I have £35k in the bank and was looking to pay the mortgage down to £73k in March 2014 when the exit penalty isn't so severe and remortgage at 1.5% above base for life of mortgage over 30years only I think we may have a problem....
In August of this year I persuaded my wife to move her banking across to FD in anticipation of a remortgage and they issued her a credit card for which she wrongly assumed a minimum payment was set-up. She is very busy (works overseas on a weekly basis) and only got the chance to open her mail this week and to my horror she has a missed payment on a balance of only £113 when she had £4k available in the same account.
So I ask this...
Will we get declined a mortgage with HSBC for £73,000 on a house worth £170,000 and a salary of £85k per annum? as she now has a late payment marker (first ever) no other debts (student loan paid off) does have a 3 mobile contract. Annoyingly, the online banking was down beginning of December which is what she wasn't on top of her account (she was in Geneva over statement date and has never used their telephone banking).
Should we wait 6months? Will that help.
Thanks all and happy Christmas.
The SIPP has done disastrously (my fault, a bit of fun so we can laugh about it) putting £55k in since the child benefit change and currently worth £40k understandably the wife wants to focus on paying down the mortgage and not SIPP (already has a very good company pension scheme).
I have £35k in the bank and was looking to pay the mortgage down to £73k in March 2014 when the exit penalty isn't so severe and remortgage at 1.5% above base for life of mortgage over 30years only I think we may have a problem....
In August of this year I persuaded my wife to move her banking across to FD in anticipation of a remortgage and they issued her a credit card for which she wrongly assumed a minimum payment was set-up. She is very busy (works overseas on a weekly basis) and only got the chance to open her mail this week and to my horror she has a missed payment on a balance of only £113 when she had £4k available in the same account.
So I ask this...
Will we get declined a mortgage with HSBC for £73,000 on a house worth £170,000 and a salary of £85k per annum? as she now has a late payment marker (first ever) no other debts (student loan paid off) does have a 3 mobile contract. Annoyingly, the online banking was down beginning of December which is what she wasn't on top of her account (she was in Geneva over statement date and has never used their telephone banking).
Should we wait 6months? Will that help.
Thanks all and happy Christmas.
0
Comments
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Possibly, HSBC are very picky, only way is to try, failing that there are other lenders with similar rates who would probably accept.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
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On that LTV and your good incomes, I would have thought you have a good chance.0
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