Can Not Get a ReMortgage

forpetessake_2

Hello all, new here.

Last July, my 5 year fixed rate mortgage finished and I defaulted to SVR. Not a bad thing as the payment dropped from 750 to 650.

I bought this, my first house in 2006 on the back of a well paid job, which vanished in 2008. Now I work for a national supermarket chain.

I still owe 96K and earn today in the region of 20K. My current lendeer, the Halifax have refused to do me a deal. The Barclays have said they will give a new deal if I can find 20K, which is PITA obvious.

I have never missed a payment and with my no thrills life style, I can afford to pay 650 ish quite easily as it happens!

What options do I have please? They are happy with me paying on the variable, but will not give me a fixed. Why do they do that, and do I have options like adding my mum or sister, both home owners?

Surely there is a lender out there who can investigate that I am not a risk? I do NOT have any other debts or loans.

Thanks in advance.

Wh05apk

Can't understand why Halifax have refused you a new deal, what is your property value?


Until recently Halifax just transferred to a new deal with few questions asked, now they still check affordability, but should still not be an issue, as if affordability is an issue, reducing the rate can only help!

forpetessake_2

Thanks for the reply.

I bought the house for 130K in 2006 after getting the seller to knock 10K off as they were retiring to Morecambe and I was not in a chain!

It is a semi detached in a nice area. Next door sold for 138K in October 2013. So I would value around what I paid, or slightly over now. 130+.

The irony is I could stay on SVR and even if the interest rate rose to levels of 2008/9/10 I can still afford it, as that is what I was paying all these years!

Worth ringing Halifax again offering to take my mortgage elsewhere?!

Got London and Country ringing me shortly with some free advice! :j

I should point out that over the last 6 months, my blood pressure has gone from near perfect to spiraling out of control over this.:(

kingstreet

Is any of the mortgage "interest-only"?

Jaspersmum

I posted this on another thread which seems a similar story to yours:

So if lenders start the affordability checks for product switch at the end of current fixed rate (no additional borrowing etc) I have not a hope of passing the test!! What would I be offered? I would presume just to stay on a variable rate, which if rates rise which I'm sure they would will not be helpful! I need a fixed rate before rates rise.
I'm with the Halifax and daren't ask for fear of rocking the boat!
If anyone has any experience of their criteria I would be grateful.

Also just to say around 35% LTV. All Capital & Interest. Balance around £80k.

I know what you mean about blood pressure I am just fizzing about this - I read in the FCA document on line that lenders were supposed to to be helping customers - can't see much help in letting me ride the market!! If they think I can't afford it now (which I can ) what is the point of making me pay more when the rate goes up!

forpetessake_2

I ended up having an hour long telephone interview with Halifax. They told me that they have a new system on their online mortgage assessment and that there is a glitch refusing nearly everybody!

Went through my details and BAM, got a new deal :j

They didn't ask what I earned, they looked at what I am paying, would I like to pay more or less, would I like to change the length of the mortgage etc.
Went rather well actually

Just waiting for the email....