Remortgaging and SSP

Dinlo

Hi all, just a quickie... Seeing a financial advisor soon and wanting to remortgage. About 69%LTV wanting to release a little equity to clear credit cards and change from interest only to repayment mortgage.


Husband is on SSP Long Term waiting for a heart op. Promise of job still open on RTW


Im self employed and PAYE


We are always in our OD at the bank but mortgage and bills always paid.


Should I tell FA that hes long term SSP or avoid it and hope for the best?


Would we get a mortgage on basis of RTW or is the affordability only on SSP.?


Thanks x

tomtontom

SSP is only payable for 28 weeks. Do you have a contingency for if he is not fit to return to work at this point?

You need to be honest with your lender/ adviser.

Dinlo

Nah, we can muddle through on my wage - just. But it would make life much more pleasant if we could kill the debt and just have a mortgage to worry about.


It is going to be tight, and a little bit of touch and go,


Can people get remortgages on SSP though? And yeah, I think honesty is the best policy

kingstreet

No. It won't be taken into account.

You need to be able to demonstrate affordability on your income alone.

Dinlo

thanks kingstreet..... I was hoping youd pass by


is the income only current income or will they consider the fact that he will get better and return to work? Not sure what you mean by 'it' wont be taken into account. Sorry - bit thiko here... Not called dinlo for nothing

AnotherJoe

Dinlo wrote: »

Not sure what you mean by 'it' wont be taken into account. Sorry - bit thiko here... Not called dinlo for nothing

SSP. You asked will SSP be taken into account, he said no it won't be.

They won't consider future income. It might never happen.

Thrugelmir

Dinlo wrote: »

We are always in our OD at the bank

Suggest you start with a visit to the Debt Free Wannabe forum. As a first step you need to get your financial affairs into better shape. Lenders generally aren't keen on mortgages being used for debt consolidation purposes as doesn't address the root cause.