Remortgage

Bakernator69

I have a question about a possible remortgage. I have a 40% share in a housing scheme. My wife and I are on the mortgage but now she is not working due to having children. Now we had debts as now only my income coming in to the house. We went to step change its all going nicely but mortgage has now gone over its original period and got to there base rate mortgage. I can't remortgage because gone to debt charity. Now my question is my wife has inherited £105000 pound. Can I get a remortgage now as this will be use as deposit or should I pay off all my debts if I do that how long do I have to wait to get a remortgage? Or could I apply straight away?
Any help with this greatly appreciated we are looking at moving altogether as well
Thanks in advance

Pixie5740

What kind of housing scheme? Are you talking about shared ownership?

I think you should pay off your debts. If you've gone to Step Change that would suggest that you may have defaulted on some of your current debt commitments meaning that you're unlikely to get a better mortgage interest rate than the SVR you are currently paying. I could be wrong though. A mortgage broker could go through your options with you.

Bakernator69

Yes shared ownership and thought we should pay debts off first but wanted to know how long we would have to wait before we could apply for remortgage as need a bigger house now. I will ask a mortgage broker hey maybe one will write on this post ��
Thanks for your advice though

kingstreet

You aren't remortgaging. That's a new mortgage on your current home with a new lender.

You are looking for a new mortgage for a purchase.

Either way, you should speak to an independent mortgage broker who will help establish your options.

Bakernator69

Thank you Kingstreet for the information I really appreciate it. I find it all a bit complicated to be honest so didn't know if it was mortgage or remortgage