Remortgage for low income

deli123

Hi all,

I am requiring of taking a loan of £50,000 and I am not sure if going via remortgage possible for me as my income level is fairly low.

My current mortgage provider is Santander.

I bought my property for £250,000 and have now paid approximately half my mortgage off.

My property at the moment is worth £600,000 (the lower valuation obtained from zoopla)

I myself claim benefits so get around £7,500 a year.

My husband who doesn't live with me contribute around £12,000 a year for my children.

My daughter earnings around £6,000.

I have always made my mortgage payments promptly and rarely miss payments. My current credit score on Experian is around 900.

I am the only person named in the current mortgage.

What are my chances of getting a remortgage in the current climate? Any advice on how to move forward if I have a possibility of getting one.

kingstreet

Is £50k to repay your existing mortgage, or in addition to it?

deli123

I want an additional loan of £50,000 on top.

MWT

How much is remaining to be paid on your current mortgage?

It isn't clear if the £250,000 was the value of the house when you bought it or the mortgage you took when you bought it...

K_S

@deli123 From what I can understand you are looking for a capital-raise remortgage of 175k (125k existing mortgage plus 50k for unknown reason) on a property worth 600k.

Your income -

7,500/year in benefits (whether and how much of this will be considered will depend on the break-up)

12,000/year in child maintenance (whether and how much of this will be considered will depend on whether this is backed by a court-order, formal agreement, etc , how old the kids are and other factors)

Even if 100% of the above income were taken into account, unfortunately it would come nowhere close to meeting affordability requirements fora 175k mortgage.

deli123

MWT said:

How much is remaining to be paid on your current mortgage?

It isn't clear if the £250,000 was the value of the house when you bought it or the mortgage you took when you bought it...

My current balance is 125k and yes the value of the house when I bought it was 250k.

deli123

K_S said:

@deli123 From what I can understand you are looking for a capital-raise remortgage of 175k (125k existing mortgage plus 50k for unknown reason) on a property worth 600k.

Your income -

7,500/year in benefits (whether and how much of this will be considered will depend on the break-up)

12,000/year in child maintenance (whether and how much of this will be considered will depend on whether this is backed by a court-order, formal agreement, etc , how old the kids are and other factors)

Even if 100% of the above income were taken into account, unfortunately it would come nowhere close to meeting affordability requirements fora 175k mortgage.

Just curious,

What amount of remortgage would be possible with the information I have given?

K_S

deli123 said:

K_S said:

@deli123 From what I can understand you are looking for a capital-raise remortgage of 175k (125k existing mortgage plus 50k for unknown reason) on a property worth 600k.

Your income -

7,500/year in benefits (whether and how much of this will be considered will depend on the break-up)

12,000/year in child maintenance (whether and how much of this will be considered will depend on whether this is backed by a court-order, formal agreement, etc , how old the kids are and other factors)

Even if 100% of the above income were taken into account, unfortunately it would come nowhere close to meeting affordability requirements fora 175k mortgage.

Just curious,

What amount of remortgage would be possible with the information I have given?

@deli123 Impossible to give a useful estimation with the details provided. Based on the limited info in your post, even with very optimistic assumptions on how much of your income will be considered and financial background, well south of 100k.

deli123

K_S said:

deli123 said:

K_S said:

@deli123 From what I can understand you are looking for a capital-raise remortgage of 175k (125k existing mortgage plus 50k for unknown reason) on a property worth 600k.

Your income -

7,500/year in benefits (whether and how much of this will be considered will depend on the break-up)

12,000/year in child maintenance (whether and how much of this will be considered will depend on whether this is backed by a court-order, formal agreement, etc , how old the kids are and other factors)

Even if 100% of the above income were taken into account, unfortunately it would come nowhere close to meeting affordability requirements fora 175k mortgage.

Just curious,

What amount of remortgage would be possible with the information I have given?

@deli123 Impossible to give a useful estimation with the details provided. Based on the limited info in your post, even with very optimistic assumptions on how much of your income will be considered and financial background, well south of 100k.

Ah Okay I understand. So overall chances of me getting any extra capital on top of my current one is essentially 0.

Thank you for your response.