remortgage case

cdnexpat

Hi everyone, from what I've read, there were some big changes last year and it's now tougher to get a mortgage. The fixed rate on my mortgage is due to end in July and I would like, if possible, to remortgage. Detailed situation below.

I'm looking to borrow ~ £197000 at 60% LTV. Looking for repayment mortgage on a fixed rate with no product fees. I'm mid 30s and have one dependent child aged 6

Income:

Base salary £38700
Annual bonus £3800
Child maintenance £6000 per year
Child benefit ~ £1000 per year

Outgoings (are all these included when considering affordability??? got the list from another thread)

Credit card debt: £3000 left on a credit card
Childcare costs £200/month
Council tax is £100/month
Service charge including ground rent and buildings insurance: £80/month
Tube pass £105/month

Credit rating is probably very good as I have never missed a payment and I always get accepted for credit.

Is this re-mortgage achievable? And am I going to be able to re-mortgage by going direct and if yes - any lender that is more generous and includes annual bonus and child maintenance?

Alternatively, can you recommend a website where I can look for brokers who either don't charge at all or charge a reasonable fee?

Thanks.

kingstreet

Maintenance - depends on how evidenced. Court order etc.

Bonus - depends on frequency and how evidenced. EG if annual - two yearly payslips, two P60s etc.

It varies from lender to lender, so you're going to have to get stuck in to some heavy research, starting with each lender's affordability calculator, with and without the maintenance and bonus to see if you need it.

Make sure you enter travel costs and ground rent & service charges but you shouldn't need council tax in most cases.

cdnexpat

Thank you.

For maintenance I can show bank statements going back more than one year if needed. It's an informal agreement. For the annual bonus yes I have P60s, but do I need payslips too?

kingstreet

Varies from lender to lender.

You are going to have to find out who accepts what and what evidence is required in each case.

Like I said, it depends on how it's paid. A bonus paid annually is evidenced one way for it to be accepted, a bonus paid monthly/quarterly/half-yearly is evidenced another.

While you are there, you need to establish if the lender will take 100%, 60%, 50% etc.

This of yourself as a trainee mortgage broker.

cdnexpat

Bonus paid annually. Thanks I am going to have to make a lot of phone calls and research... or find a broker who believes in me

Nationwide seems a good start, as I entered all my information and it looks affordable. And I found their lending criteria online.

amnblog

What is 'reasonable' broker fee wise?