Remortgage Help Please

Whittington2012

Hello!

I am in desperate need of some help and advice. I own a house that I have lived in for nearly 8 years and I am looking to remortgage it. The current mortgage I have is in both mine and my ex-husbands name and is an interest only mortgage. My reason for remortgaging would be to take the mortgage out in my own name and to move onto a repayment mortgage. I have spent the last 6 months trying to do this and basically I am getting nowhere. If I was able to remortgage, I would be on a better rate and I would be saving myself somewhere in the region of £100 - £200 per month and yet, despite paying the mortgage by myself for the last 18 months, I just get the same response which is that the mortgage calculators say I can't afford it by myself. This is the most bonkers situation and I refuse to believe that I am the only person in the same situation. If anyone can offer some help or advice as to what I can do, it would be much appreciated. Thanks in advance. Happy to answer any questions as I am so frustrated with it all.

ACG

The reason you are probably failing affordability calculators is that you are basing it on your current payments where as lenders are basing it on a rate of around 5-7% (varies from lender to lender and LTV).

How much is your mortgage?
How much is your income?
Do you have any children and or debts/credit commitments?

We can give you an idea of whether its possible to place or not.

Whittington2012

Hello,

My mortgage has a balance of £135,00 but the house is now worth approx £145,000 and I have savings to sink into a new mortgage. My salary is £32,000 per annum. I have one child and one loan which costs me £100/month.

Would appreciate any help you can give.

Thanks

ACG

The figures are definitely tight.

Im pretty sure it can be done but your choice of lenders probably will be limited - although im sure some high street lenders will look at it.

I think you need to really either speak to a broker or get playing around on lenders affordability calculators.

Whittington2012

I also have £10k in savings to sink into a remortgage too....does that help?

Dave_Ham

Tight, but possible

Be mindful at this loan to value and going onto a repayment mortgage, subject to the details your monthly payment is likely to shoot up..

Speak to a sensible broker and get formal advice

Best of luck

ACG

The £10k will help yes.

dimbo61

Have you sorted things out with your EX?
He gets £XXXX amount if you can remortgage in your own name?
Can you overpay the Interest Only mortgage each month