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Re-mortgage advice
kandsw1962
Posts: 3 Newbie
Hi,
Just wondering if anyone can give me some advice. I want to try and re-mortgage. I have 115,300 outstanding of which 50,000 is interest only (I know, I know!) - I was with Northern Rock, and now with 'Landmark Mortgages' paying 4.99% apr and they don't/won't re-mortgage with us. I want to try and take out a repayment mortgage my house is valued at 180,000 and the LTV would be 64% - I want to take it out over 12 years (I will be 67 then) and there are some good deals out there, and supprisingly the monthy repayment less than or about the same as what we are paying now. However, here is the problem, my wife's credit score is not too good-we both have 999 on experian, but her debt/income ratio and available cash have big red flags against them - My salary is good and we have a joint bank account with all monies shared, bills paid etc, just we both have loans, and the loans against her name are whats causing this. Would any lender even consider our joint application, or could I apply on my own? - Any help would be greatly appreciated! - Thanks
Just wondering if anyone can give me some advice. I want to try and re-mortgage. I have 115,300 outstanding of which 50,000 is interest only (I know, I know!) - I was with Northern Rock, and now with 'Landmark Mortgages' paying 4.99% apr and they don't/won't re-mortgage with us. I want to try and take out a repayment mortgage my house is valued at 180,000 and the LTV would be 64% - I want to take it out over 12 years (I will be 67 then) and there are some good deals out there, and supprisingly the monthy repayment less than or about the same as what we are paying now. However, here is the problem, my wife's credit score is not too good-we both have 999 on experian, but her debt/income ratio and available cash have big red flags against them - My salary is good and we have a joint bank account with all monies shared, bills paid etc, just we both have loans, and the loans against her name are whats causing this. Would any lender even consider our joint application, or could I apply on my own? - Any help would be greatly appreciated! - Thanks
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TRy a mortgage broker.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Yes a good broker would be best as they can see what you would be accepted for before you apply - not hitting your credit ratingMortgage When Started Over Pay 01/11/2017- £146,500
Current Total - 10/02/2022 - £6,500 (With Offset
£10k Savings)
5 year fix
MFW hopefully by March 2022
01/11/17 - £10k / £10k Emergency Savings :beer:0
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