Release Equity/Remortgage for Wedding

Bobby_Baggio

Hello, i recently contacted my mortgage provider about the possibility of remortgaging/borrowing more/releasing equity to help fund my wedding & home improvements.

After going through the affordability check over the phone i was declined. I have never missed a payment and lived at the property for 7 years, and the mortgage has always been in my name only.

I find this odd because my current mortgage is 55% LTV. And i was only asking for £20k which would increase my LTV to 66%.

After going through the process and declaring all my outgoings i currently have £800 disposable money left over every month.

I also declared £3500 on a credit card, some of which is relating to paying for wedding things. This is on an interest free card on purchases for 24 months.

My fiance also works full time and takes care of food costs, childcare costs, running her own car etc...

Any help would be greatly appreciated because i am puzzled why i was declined? The extra payments over a 25 year period would be £90 per month.

Let_Us_See

Go to the lender's website and run their own affordability calculator, and if the result is positive, contact the lender.


Whether interest free or not, a lender will still make a 3% monthly provision for outstanding credit card balance, and LTV is no indication of affordability. Good luck.

mattvolatile

If you don't have an ERC, consider remortgaging through a broker with a different provider. My lender turned me down for an equity release, but I went through a fee-free online broker and had a remortgage done and dusted within a month, on a better deal than I started with.

Grumpelstiltskin

Sorry but you want to still be paying for your wedding in 20 years time?

You don't need £ X thousand pounds to get married.

Bobby_Baggio

Thanks for the replies. I will certainly be pursuing all options.

Point taken Grumpelstiltskin, maybe i am better looking for a loan over a shorter period of time. 5-7 years maybe.

The only downside to this is the home improvements will have to wait.

Jonbvn

Grumpelstiltskin wrote: »

Sorry but you want to still be paying for your wedding in 20 years time?

You don't need £ X thousand pounds to get married.

This is the optimum MSE approach. :money: