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Remortgage help please !

Vedderman
Vedderman Posts: 1 Newbie
in Mortgages & endowments
Hi All
My wife and I are currently struggling to remortgage. Any advice on what we can do would be really appreciated. Keep getting told conflicting things.
All the facts below:
Jnt Mortgage of £152,000 which is interest only, hence reason for wanting to change to REPAYMENT. Property Value £175,000.
Combined salarys of approx £33,500 PA.
My age is 43,Wife is 31.

All we want is to change to repayment on a good rate fixed in for min 2 years+.
LTV is just over 85% we are told and thats what seems to be hindering us.
We are able to afford the repayments, both in good professional jobs. Wife currently part time due to recent baby.

Thanks and I welcome and definitive answers.

Comments

  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You could just overpay on your current mortgage each month?

    Its a bit on the tight side but assuming you have no major credit commitments it should be doable.
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Vedderman wrote: »
    We are able to afford the repayments,

    At current levels of interest rates maybe. If they were to rise to say 7%. What what the position be then. Lenders will take the conservative view.
  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Who have you approached for help with this?
    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.
This discussion has been closed.
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