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How best to borrow?
bylromarha
Posts: 10,085
Forumite
in Loans
OH and I own a house with a mortgage.
Due to OH's previous self employment, we got a better mortgage if I applied for the mortgage alone. He is not named on the mortgage, and the house is legally mine, not ours.
OH is now employed, and I went part time. Our joint income is now a third higher than my full time salary alone.
We'd like £40k to extend our house. We can afford the payments comfortably.
The options we've considered are
1) remortgaging in joint names - but uncertain we will even qualify for the current level of mortgage we have, let alone +£40k, as we borrowed before regulations became stricter and we are on a lifetime tracker @ 1.49% + BOE which we don't want to get rid of.
2) Personal loan of £20k each. Would this be allowed? If so, what is hubby? A homeowner with a mortgage? A tenant with £0 rent?
3) Saving up and waiting 5 years, but not keen on this one.
Thoughts welcome.
Due to OH's previous self employment, we got a better mortgage if I applied for the mortgage alone. He is not named on the mortgage, and the house is legally mine, not ours.
OH is now employed, and I went part time. Our joint income is now a third higher than my full time salary alone.
We'd like £40k to extend our house. We can afford the payments comfortably.
The options we've considered are
1) remortgaging in joint names - but uncertain we will even qualify for the current level of mortgage we have, let alone +£40k, as we borrowed before regulations became stricter and we are on a lifetime tracker @ 1.49% + BOE which we don't want to get rid of.
2) Personal loan of £20k each. Would this be allowed? If so, what is hubby? A homeowner with a mortgage? A tenant with £0 rent?
3) Saving up and waiting 5 years, but not keen on this one.
Thoughts welcome.
Who made hogs and dogs and frogs?
0
Comments
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Whats your current LTV and salarys?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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If your husband isn't named on the deeds or mortgage then he's definitely not a home owner.
1) If you remortgage there's a very good chance that you won't get anything like the rate you currently have.
2) To each get a £20k loan you're looking at each having an income of circa £40k. You could try using the MSE Loan Calculator do try and gauge what your likelihood of getting £20k loans.
3) Depending on the outcome of 2 it's either this or remortgage.0
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