Part time working, single parent remortgage issue!

Derbychick

Hi, I'm really struggling to find a lender that will offer me a fair re-mortgage. I work part-time, earning approx. £13,000 and have a child for which I receive no maintenance. I know my situation is far from ideal but I only have 15 yrs left on my mortgage and owe £48,000. My house is worth approx. £99,000 and I've never missed a payment. My credit score is excellent but lenders will only offer me a good deal if I extend the term. Any advice please! Thanks

anselld

Extend the term if that is what they want. Just make sure you are allowed to make overpayments without penalty to a level which will in practice maintain the current term.

Thrugelmir

15 years is a significant length of time in which interest rates could rise considerably higher. Lenders are in a sense protecting you from your own complancey, and also their own duty of care towards their customers.

As has already been suggested. Take the longer term on offer and overpay.

dimbo61

Check the terms and conditions of any mortgage offer.
Most lenders offer 10% overpayment even when on a fixed rate deal.
Set your direct debit so you make an overpayment each month.
Use " what's the cost " website to work out how much you should pay each month.

ACG

Extend the term and overpay by however much your allowed t ooverpay by.
At that sort of loan to value, you may find there are savings accounts that offer you more or less the same rate as your Mortgage, so you could always put any extra money in there and make a lump sum overpayment at the end of the deal.

You could always just see what your current lender will offer you, they will not need you to change the term.

getmore4less

what's wrong with the retention deals from the current lender?


What you pay decides the true term,

What contractual term does is decide your min payment.