I'd like to remortgage but I'm part-time

Emz1987

Hi everyone,

Apologies if this is in the wrong place! I'm looking for some advice. I own my home outright with no mortgage but I'd like to remortgage to fund essential home improvements. The problem I'm having is that I only work part time so I'm struggling to find someone who will offer me a mortgage despite owning my home entirely. Has anyone had a similar problem? Does anyone know a company that can help? 

Thanks 

Emz1987

Just to add, I'm looking for around 30K

getmore4less

How much do you earn?

How long do you want the mortgage for?

what's you max monthly payment you an afford?


What is the £30k for?  can you break it down into project/cost?


Can you fund through other sources and do it over time.

K_S

Emz1987 said:

Hi everyone,

Apologies if this is in the wrong place! I'm looking for some advice. I own my home outright with no mortgage but I'd like to remortgage to fund essential home improvements. The problem I'm having is that I only work part time so I'm struggling to find someone who will offer me a mortgage despite owning my home entirely. Has anyone had a similar problem? Does anyone know a company that can help? 

Thanks 

@emz1987 Simply the fact that you're employment is on a part-time basis should not stop you from doing a capital raise remo. What's important is how much you're earning, the form of your employment contract, and whether that is sufficient to meet affordability for the money you need to raise. 

What is the problem that you're coming up against exactly? If you haven't already, I would recommend getting in touch with a broker who can match you (if at all possible) to the right lender.

Emz1987

Thank you for the replies so far. I only earn £12800 a year so it's not much which is probably what the problem is. I did speak to an online broker who said the only offer they had been able to get me is £10000. I would have been offered more if full time. I've never had a mortgage so not entirely sure how it all works. 

I'm already doing what I can in bits but the big expenses like Windows, kitchen and floor are just not possible to do over time. 

K_S

@emz1987 What's the house price, how much debt do you have, any dependents, adverse credit history, financial commitments/outgoings, your age, is £12,800 your contractual gauaramteed salary, etc all will play a part.

I would not give up based on speaking to one online broker as (based on the limited info in your post) you haven't mentioned anything which indicates that it would be impossible.