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Remortgage possibility?
MissyBoo
Posts: 1 Newbie
Hiya
I was just looking for a bit of advice really as I don't get these new affordability rules.
So I've been with northern rock for nearly 11 years. Been on their svr of 4.54% for ages but with suspected raises due I'd like to look at fixing.
I've found a couple of products and instead of remortgaging for 15 years I'd like to drop it down to 13 years.
Figures are:
Joint applicants dh £45k per year, me £42k per year
House value £125k (poss 130k but would rather underestimate)
Mortgage £101k
Current payment £800
On paper we can have loads but we do have credit cards.
So two cards 10k in total, but they're 0% (rate tarts), in overdraft every month to about £800, but only as we over pay on cards, so were hitting the cards anything between £500 and £1k.
Cards have come down from 30k in the past 4 years.
Dh has maintenance at £250, we have childcare which we use salary sacrifice for (max amount each at £243) then pay another £200.
One loan at £144 per month.
We have no defaults, can get credit so easily. Have a range of cards (used for switching) in which we could get over £100k on but obviously don't use them.
Eat out regular, have a nice standard of life.
Got a couple of grand in savings.
Soooooooo could any experts out there please tell me if I have any chance of remortgaging?
I don't want to trash my credit rating if its pretty much a dead cert no.
Much appreciated if anyone can help/advise?
I was just looking for a bit of advice really as I don't get these new affordability rules.
So I've been with northern rock for nearly 11 years. Been on their svr of 4.54% for ages but with suspected raises due I'd like to look at fixing.
I've found a couple of products and instead of remortgaging for 15 years I'd like to drop it down to 13 years.
Figures are:
Joint applicants dh £45k per year, me £42k per year
House value £125k (poss 130k but would rather underestimate)
Mortgage £101k
Current payment £800
On paper we can have loads but we do have credit cards.
So two cards 10k in total, but they're 0% (rate tarts), in overdraft every month to about £800, but only as we over pay on cards, so were hitting the cards anything between £500 and £1k.
Cards have come down from 30k in the past 4 years.
Dh has maintenance at £250, we have childcare which we use salary sacrifice for (max amount each at £243) then pay another £200.
One loan at £144 per month.
We have no defaults, can get credit so easily. Have a range of cards (used for switching) in which we could get over £100k on but obviously don't use them.
Eat out regular, have a nice standard of life.
Got a couple of grand in savings.
Soooooooo could any experts out there please tell me if I have any chance of remortgaging?
I don't want to trash my credit rating if its pretty much a dead cert no.
Much appreciated if anyone can help/advise?
0
Comments
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You should use your chosen lender's online affordability calculator to establish if it will lend you enough. There's no point someone generalising, this is too lender-specific, post-MMR.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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I don't want to trash my credit rating if its pretty much a dead cert no.
The way in which you manage your personal financial affairs is what matters. Living pay cheque to pay cheque every month is fine. Until one month the pay cheque doesn't arrive. Then the train comes off the track so to speak. That's the direction from which lenders will perceive your behaviour.0
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