Remortgage recommendations required

Adrian888

Finding myself in a divorce situation I need to remortgage the house to buy out my ex's interest and settle other aspects of the divorce. The house was valued at £200k for re-mortgage purposes 2 months ago and I need to raise at least 95% to fund everything. Income is £49k plus bonus, I am 50 with no children. Current mortgage outstanding is £40k's. Any recommendations/suggestions? I will probably need to go to 25 yrs to make payments affordable.

JoeK_3

Looking at your circumstances, it looks pretty easy from a whole of market perspective but it could be challenging for you to attempt it yourself.

I would recommend that you consult a whole of market mortgage broker for certainty.

JoeK

herbiesjp

As long as you have no other debts and a clean credit history, with a £49k income it looks straightforward.

However have you just re-mortgaged 2 months ago? Are you now tied in to your current lender? What rate are you on?

Adrian888

The re-mortgage valuation 2 months ago was in part to establish a value for splitting assets and enable me to calculate how much I would have to raise to buy out my ex's share of the house. Unfortunately I woefully under-estimated the value of my pensions and that is why I need such a big loan now. I was going to stick with my current lender ( Yorks Bank Offset mortgage) but the rate is not that good in comparison with the headline rate some lenders appear to offer.

herbiesjp

You are doing the right thing in shopping around and comparing with yoru current lender

Going up to 95% on a re-mortgage can limit the lenders available, however you should still have a good selection to choose from

Just be careful of Higher Lending fees which some lenders will try and hit you with

HTH