Panicking! can no longer get a mortgage for the amount we need

linell

Hi all

we have a mortgage with Natwest which we have had for the last 3.5 years. I was looking today to see what the rates are at the moment as I want to be able to (hopefully) lock in a new deal before the interest rates rise.
HOWEVER. we have built up some extra debt since we last applied for a mortgage and now loan calculators come out as saying they can't lend.

I have only done affordability calculators on Tesco and HSBC but both are coming out at lending £55,000 when our current mortgage is for £105,000!

I'm worrying that we are going to be stuck on a much higher rate ironically making the mortgage unaffordable.

Where do we go from here??

kingstreet

Customer retention product with existing lender?

Should be possible to do this online without further evidence of income or affordability.

linell

My only worry with that would be that the interest rates are likely to rise before March so we would end up with a worse deal. It depends when the rise takes place I suppose.
How easy is it to get a revaluation done for a remortgage? I'm hoping ours has gone up enough to soften the rate rise blow!

Thrugelmir

Switching product with your existing lender shouldn't involve any checks if performed online. As soon as there's human intervention lenders become highly regulated, and the game changes.