mortgage v value of property

ruthlb

We would like to re-mortgage. The morgage we would like is much lower than 50% of the value of the property. Do mortgage lenders only look at income, or when the mortgage proportion is less than 50% do they ignore income?

herbiesjp

They still look at income, but some become flexible in their underwriting requirements and may therefore still be able to agree the mortgage

Also depends on your whole scenario i.e. if you have dependents, other debts, any adverse credit history etc

HTH

phlash

If you were to lend someone money, you would want to know if they have the ability to pay you.

If your friend who had no earnings but had an expensive bike asked for a loan of 50% of its value, would you give it to them bearing in mind they have no income?

You wouldn't, because they have no way of paying the interest on the loan.

Might I ask, why are you seeking to re-mortgage?

They will never ignore income.