How much can I borrow?

wisaacs

Hi

Can anyone help advise me on whether what I'm looking for is possible or completely out of the question:

- Would like to remortgage my house valuation £470K - £500K

Outstanding mortgage on the property is about £190K
I would like to remortgage for £235K allowing us to pay off some debts (to family and credit cards).

I am 45 and earn an annual salary of £55K
My husband is 55 and self employed and his tax returns for the last 3 years show he makes an average annual profit of around £8K.
We have no dependents.

So the question is, are we looking to borrow too much based on what a lender would lend us? We're currently paying £1300 a month repayments plus credit card payments which we wouldn't be paying after a remortgage.

Secondly, would we be better off remortgaging just in my name given I could borrow over 25 years and earn more or doing it in joint names.

We're not too worried about long term costs or paying off the mortgage as we're planning on selling up in the next few years anyway, downsizing and being mortgage free. We just want to free up some equity earlier.

Is there particular lenders we should look at or would we be better off with a broker given our requirements?

stephenni1971

Use a broker. Make sure they are whole of market and avoid estate agent based advisers.

Based on what you say affordability doesn't seem to bad. You say your hubby makes 8k profit... Does he pay himself a salary as well or does he earn 8k??

As for term you will have to make sure mortgage is relayed by your retirement age. You can go past it to max age 75 normally but o do so you would need evidence of pension in place to make the payments beyond retirement.

Dave_Ham

In the current climate, this is likely to require a broker.


You should try and keep this joint, although lender selection is likely to be restricted.


Good luck