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Re-mortgage options on lower income
edpvito
Posts: 46 Forumite
Hello,
I have about £190k equity in my property with an £84k mortgage on a (now) 0.72% tracker. I recently had some work done on my house which I put on my mortgage reserve account which runs at 5%. External to my mortgage I have about 10k debt. I am thinking of remortgaging as although my tracker deal is and has been fantastic I would like to consolidate the 10k into my mortgage. For the last 2 years for mental health reasons I have only been working part time - 3 days a week - although I supplement my income with airbnb hosting and a small amount of freelance work. My gross income is 16k with an extra 4 to 5k from other sources.
Its been 10 years since I have had my current mortgage so I am not sure whats changed in that time but I understand its tougher to get them! Is it likely that I will find a bank/BS to lend me £94k without paying a ridiculous rate of interest (for these times) or would I struggle to get beyond 4 x income?
I have about £190k equity in my property with an £84k mortgage on a (now) 0.72% tracker. I recently had some work done on my house which I put on my mortgage reserve account which runs at 5%. External to my mortgage I have about 10k debt. I am thinking of remortgaging as although my tracker deal is and has been fantastic I would like to consolidate the 10k into my mortgage. For the last 2 years for mental health reasons I have only been working part time - 3 days a week - although I supplement my income with airbnb hosting and a small amount of freelance work. My gross income is 16k with an extra 4 to 5k from other sources.
Its been 10 years since I have had my current mortgage so I am not sure whats changed in that time but I understand its tougher to get them! Is it likely that I will find a bank/BS to lend me £94k without paying a ridiculous rate of interest (for these times) or would I struggle to get beyond 4 x income?
Debt [STRIKE]06/14[/STRIKE] 09/14 : [STRIKE]MBNA: £252[/STRIKE]
AMEX: [STRIKE]£1283[/STRIKE] £615
Northern Rock: [STRIKE]£3300[/STRIKE] £2500
Santander Overdraft (at pay day):[STRIKE] £1200[/STRIKE] £1000
Swedish Tax Office: [STRIKE]£428[/STRIKE] £1000
Debt free goal date: 06/15
AMEX: [STRIKE]£1283[/STRIKE] £615
Northern Rock: [STRIKE]£3300[/STRIKE] £2500
Santander Overdraft (at pay day):[STRIKE] £1200[/STRIKE] £1000
Swedish Tax Office: [STRIKE]£428[/STRIKE] £1000
Debt free goal date: 06/15
0
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