Mortgage Advice

Marie67

Hi, I have just spoken to L&C about re-mortgaging. My husband is out of work, we have Credit card debts - me approx £11K and him £4K. We still owe £58K on property valued at approx £155K.
I earn approx £23K it was suggested that if I wanted to consolidate my debt that we would have to have paid off my husbands to get a Mortgage for £67K over 18yrs.
Does anyone know if I just had the mortgage in my name would it make any difference?
I should of asked at the time but hadn't thought of it.

Thanks in anticipation
x

MortgageMamma

Hello

Going off what you have told us so far it seems most likely that the problem you have is the repayment amounts on your credit cards.

How are you managing those repayments living on just your wage with your husband out of work? You don't say if he's out of work long term with sickness or is unemployed so that information would be helpful.

Would it make life easier for you to consolidate ALL the credit card debt to reduce your monthly outgoings? Perhaps you may be best to call L&C and get them to explain things in more detail

Marie67

He worked April 15 - January this year but was out of work for 3yrs previously. Its been a struggle but my Mother-in-law has been very good to us. Don't want to continue to be a burden to her.
I did ask about consolidating all the debt but they said that wasn't feasible with me only having 18yrs left before my pension.

MortgageMamma

Hi Marie,

Do you have any pension plans other than state pension? Due you know what your actual retirement age will be? Could you extend the date to a later age would your occupation/employer allow that?

There are lots of different factors at play, but what I can say is some lenders are more comfortable lending into retirement than others. What they all want is proof that there will be some income in retirement and enough to support the loan. You could perhaps mitigate this by retiring a bit later, but I would recommend you seek a second opinion. L&G are fine for straightforward stuff but I cant help but feel that you've not had the situation explained to you properly or had any alternative methods considered.

MM

Marie67

As I work for the NHS i have their pension. For that I qualify at 65 but state pension is 67 which is 18years away.

Maybe I should speak to someone else then I opted for L&C as we obviously don't have money to pay a broker.

MortgageMamma

Marie67 wrote: »

As I work for the NHS i have their pension. For that I qualify at 65 but state pension is 67 which is 18years away.

Maybe I should speak to someone else then I opted for L&C as we obviously don't have money to pay a broker.

Not all brokers charge fees, most do though, the ones that don't the service can be somewhat diluted and they have limited time to spend with you. There are always options regarding fees, many brokers will allow you to add their fee to the mortgage and then they are paid when your mortgage completes, others charge upfront. Just a matter of finding the right broker for you.