Mortgage renewal/existing debts

brucethefish

Hi there,

My two year fixed rate deals ends in 12 months. I know I am probably jumping the gun with this, I just wondered if anyone knew if the following debts would be a problem compared to house value/mortgage etc. (The figures below are where I will be in approx 12 months time)

House value - £85,000.00 (As at Nov 2014)

Mortgage - £68,000.00

Credit card 1 - £4,000.00 (Used to buy car, worth approx £5,000.00)

Credit card 2 - £900.00

Credit card 3 - £400.00

Personal Loan - £230.00 per month - balance will be £6000.00

All cards are on 0%

I am self employed through a limited company, my average annual income per tax return is £25,000.00.

Thanks

Chris

foxy-stoat

Your not over 50% debt/gross income ratio, but what you owe will effect your chances of re-mortgaging with another lender.

Your 80% LTV now, based on a 2 year old valuation.

I would be calling your lender a few months before your fixed rate ends for their best customer retention fixed rate product and work to reduce your debts going forward.

Thrugelmir

12 months is simply too far away. Anything could happen in the intervening period. Focus on tackling your debts. As a new mortgage product could very easily be the least of your problems.