Best lender to approach.

Wires

Hi.
We currently have a mortgage for 75000 on a house valued at 220000. We want to remortgage and increase our mortgage to 160000. We want to extend our house and consolidate 20000 pound of cc debt. We currently have joint income of roughly 50000, my questions are.
My other half has only recently returned to work, main bread winner, she's been back work for 12 months. She is employed on a tempory contract and has just had it renewed for another 6 months. Would this be a problem in obtaining a mortgage. Also do you need plans drawn, planning permission to get the remortgage?
Our mortgage is currently an offset mortgage with the Natwest, are we best approaching them or to go with a new mortgage lender?
Thanks in advance....our credit history is clear.

Dave_Ham

There are likely to be solutions, but this will be better placed by a broker with full sight of your exact position.

Many lenders will not be happy with a fixed term contract and an employment length of the amounts she has.

By all means chat with Natwest first, although I would look across the entire market as you may find more options.

All the best

kingstreet

If you want further borrowing from your existing lender, it's just that. A remortgage is moving your current mortgage to a new lender and borrowing the extra at the same time.

You need to research the products on offer to establish the best route for you.

Some lenders don't like temporary contracts, others are less bothered.

Some lenders don't like consolidation of other debt.

You have an offset mortgage? What are you offsetting? Do you have savings you could use and why have such high unsecured debt if you do?

It sounds like you should be able to borrow within the existing value of your home. Lenders don't work on the "improved value" after any work is done, until after it is done and completed and the surveyor can see it. You don't normally need plans/PP for the mortgage, but you will need these for your development planning, if you are going outside permitted development limits.

Plenty of research, or appoint a whole market broker to look after it for you.

Wires

Hi Kingstreet.
There was a time when we had a few quid offsetting the mortgage, but two pregnancies later, two sets of twins, one of us not working for the last 7 years, and finances became tight.. Thankyou for answering my question, do you think that the Natwest will be accomodating or should we switch. The value of our house will be in the region of 280000 to 300000 when the work is done...should we borrow off our existing lender and then switch to another lender when thework is completed.?