Remortgaging advice

Beans27

Any advice from the knowledgeable people here about mortgage options would be most welcome! :beer:


Currently with Natwest – lived at our house for 4 years, house value is £225k, mortgage is £170k, currently a 2.2% (I think) fixed rate at £850 a month. Deal comes to an end in April 2018.


My boyfriend does not currently work and is a stay at home dad – we have done this for the past 12 months, I returned to work from maternity leave in January 2017, my salary is £37k. When we first bought the house in 2014, he worked for a family business on a decent salary that subsequently went into liquidation in 2015. He was left with a substantial personal loan (£20k) that was taken out for the business and now has a poor credit rating due to this.


When we came to the end of the fixed rate term in 2016, we stayed with Natwest – I was about to go on maternity leave and partner was working in a low paid job, it made sense not to ‘rock the boat’ and not try and get a better deal which would of course involve affordability checks etc.

I’ve had a look at what options are available with Natwest come April 2018 – the cheapest one is £10 a month less than we are paying currently. Out of interest I searched with other providers, in theory there are mortgages available with our figures for around £750 a month.

£100 a month extra would be great giving that we currently only have my salary – but realistically is it going to be a no straight away with only my salary and his poor credit? Would you just stick with Natwest again and not even entertain applying with other providers? He is currently trying to get regular work but not getting very far, so I’m not going to base anything on that.

Any insights much appreciated.

YHM

You could look to remortgage elsewhere, but based on the figures disclosed it may be a tight squeeze getting it to fit. I'd recommend using a broker to source a suitable lender.

If this doesn't fit, you can always roll over on to another Natwest product.