Re-Mortgage Help/Info

E_Mayo

Hi,

I have recently had a letter through from my mortgage adviser stating I can remortgage in December (this 2 years has flown by!)

I was a first time buyer so this is my first remortgage and i have a couple of questions, We found getting a mortgage difficult as my partner had a very bad credit rating, so we managed to get it in just my name, luckily the house needed doing up so we got it at a low price!

As the interest rates are now considerably lower i'm hoping to get a lower monthly payments. however we now have a baby and i am only working part time and my partner still has a bad credit score plus hes just started his own business - would this effect us remortgaging? or do they just go off that we haven't missed any payments for bills etc?

Also we are hoping to remortgage for an extra £5k just so we can finish the house (bathroom, utility room and driveway) would we find this difficult in our current situation? We want to remortgage in just my name again.

Any info would be helpful.

kingstreet

So, a dependent, reduced income and a recently self-employed applicant with adverse credit?

I'd say, you are likely to be unable to remortgage to a new lender.

You are likely to be unable to borrow more from a new or your existing lender.

You may be able to get a customer retention product from your existing lender without evidence of affordability or status.

getmore4less

Start with the follow on rate and retention deals with existing lender.

they are the benchmarks for other lenders/options although they may be your only options.

E_Mayo

Thanks!

I just thought with the low interest rates at the mo, we might of been able to loan some extra cash to help improve the property without increasing our monthly payments. as the property value has increased by £20k with our renovations. But you have given me more to think about will defo run this by our adviser and see what he says.

Thank you again!