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remortgage advice - will I pass the 'MMR' test?
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dolly_grip
Posts: 5 Forumite
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It will be incredibly tight pre and post MMR
Lender that takes 100% maintenance is likely to make a difference.
You could potentially get this offered pre MMR to complete when fix deal expires, although still not 100% sure which lenders will definitely go through offered cases and reassess
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Who is your current lender? Can you not just product switch at the end of the term sticking with the same lender?I 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
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We do not make the rules I am afraid, just interpret and apply them.
It will be tight, although as suggested some lenders may offer you a new product now..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Don't think lenders include child benefit as an income for some reason.0
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Pre MMR, little chance post MMR. Any lender that allows other income will only use 50-60% if it anyway. Your £10k us now down to an average £5500.
You childcare is circa £4k plus general 5% minimum payment on the card. The debts wipe out your other incone.
Therefore £39k with one child, you will not get 5x income.
You need a lender as a broker says to use 100% of other income. Your probably too close to MMR0 -
A couple do, but not many.Black_Eyeliner wrote: »Don't think lenders include child benefit as an income for some reason.I 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 -
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