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Remortgage recommendations required

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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.

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    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
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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?
    I am a Mortgage Adviser
    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.
  • 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
    herbiesjp Posts: 8,499 Forumite
    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
    I am a Mortgage Adviser
    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.
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