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Income multiples

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superM
superM Posts: 462 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Hi,.

I am looking for a remortgage.

My income is 20k. Mortgage looking for 95k so that's 4.75. Over 30 yrs.

Last house valued was at 275k.

My partner is not working. We have 2 kids aged 7 and 9.

We are in receipt of CTC and child benefit but I have heard so far lenders will not take into account because it won't last for the duration of the mortgage.

Whats the best opetion and what would be lowest interest I can get over fixed period 5 years?

I have no credit card or loan debts.

Thanks

Comments

  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    superM wrote: »
    Hi,.
    We are in receipt of CTC and child benefit but I have heard so far lenders will not take into account because it won't last for the duration of the mortgage.

    You heard wrong.

    A decent five year fixed rate is around the 2% mark.

    Consult a Broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    superM wrote: »

    I am looking for a remortgage.

    Can we ask why? Does your existing lender not have any options.
  • superM
    superM Posts: 462 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I am with Precise and there interest rate are not great.

    Any suggested lenders? Broker wise L&C any good?


    2% over 5 years will be great.



    Thanks
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