Remortgage as single parent on low income??

philozopher

Hi


I am currently paying an interest only mortgage and want to remortgage to start paying back capital. With the low fixed interest rates I can afford to pay an extra £100 a month on my current monthly payout.


My problem is: NO bank will touch me because I work as a part time supply teacher and am therefore classed as working in recruitment on a temporary wage. I have managed to remortgage twice in the past on a temporary contract but can not seem to do this now?


My LTV is 35% and my credit history is exemplary.
Can anyone let me know if I am able to self-cert? Will it cost me more?


Very frustrated
Ellen

kingstreet

Self-certification no longer exists.

If you want a change of rate, ask your existing lender for its customer retention options.

Then, subject to any limits make voluntary payments of capital to reduce what you owe.

If you earn so little, you'll struggle to remortgage as lenders base affordability on a repayment mortgage at a higher rate than those currently available.