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Help...we need a new mortgage but only have 1 income.
JoMc_5
Posts: 1 Newbie
When we got our mortgage myself and my Husband were both working full time. We have since had a baby and I did not return to work, instead choosing to stay at home and bring up our daughter.
Our current mortgage is a tracker, so as you can imagine our monthly payment have rocketed over the last nine months. we started off paying £540 a month (interest only) and are now paying £700 a month (interest only). Needless to say we can not afford it, although I have got some evening work to ensure we can pay in the meantime.
The advice we need is...will any lender take into consideration the fact that we have paid on time for the last year and lend us the money even though we only have one income? Our current lender will not offer us a fixed rate and we do not want to continue paying £700 a month. It is worth saying that we are in the sub prime sector as we do not have great credit history therefore am I right in thinking that high street lenders will not touch us?
Cheers.
JoMc
Our current mortgage is a tracker, so as you can imagine our monthly payment have rocketed over the last nine months. we started off paying £540 a month (interest only) and are now paying £700 a month (interest only). Needless to say we can not afford it, although I have got some evening work to ensure we can pay in the meantime.
The advice we need is...will any lender take into consideration the fact that we have paid on time for the last year and lend us the money even though we only have one income? Our current lender will not offer us a fixed rate and we do not want to continue paying £700 a month. It is worth saying that we are in the sub prime sector as we do not have great credit history therefore am I right in thinking that high street lenders will not touch us?
Cheers.
JoMc
0
Comments
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What is the property value?
What is the current outstanding mortgage balance?
What is you husbands gross yearly income?
What tax credits do you get and how much are they?
What was the reason for the adverse credit and have you got up to date copies of your credit files from Equifax or Experian?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you have kept your credit clean for over a year you might be able to do it with a high st lenderI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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