Mortgage question-advice needed

amancalledalex

Hi
I've got a question about my mortgage and could do with advice. Took my mortgage out in 2021. Fixed rate and I am paying £582 (with Platform) Mortgage finishes in September and my broker feels that I'd be paying another £300 plus a month.  I'm married, but at the moment my wife is unemployed, but looking for work.  She cant claim benefit because she's from the US.  I bought our house for £210k and we've done quite a bit of work on it. Decorated downstairs, and partly upstairs, new carpets installed stair rails etc.  Think our house is now worth around £225. I'm not sure if we can pay for the extra mortgage (without going hungry!) 

I've got a budget and know how much we can spend on things.  Trying to look at reducing all bills/outgoings.

We don't really want to move...but if it helped sort our finances out, we could move to a less expensive house, but not sure if it would help us. Hopefully my wife WILL find work but I'm just worried that if she doesn't we're stuck.

If anyone can advise me, that would be fantastic!

with best wishes

Alex

mdori003

Assuming they are all of the market broker and that is the best rate available (unless you have no option but to go on SVR with existing lender) what was the original term? Could you extend to reduce payments slightly? What is your income?

Otherwise might be good to look at the debt free diaries in terms of budgeting/cutting down, considering things like lodger etc?

MFWannabe

amancalledalex said:

Hi
I've got a question about my mortgage and could do with advice. Took my mortgage out in 2021. Fixed rate and I am paying £582 (with Platform) Mortgage finishes in September and my broker feels that I'd be paying another £300 plus a month.  I'm married, but at the moment my wife is unemployed, but looking for work.  She cant claim benefit because she's from the US.  I bought our house for £210k and we've done quite a bit of work on it. Decorated downstairs, and partly upstairs, new carpets installed stair rails etc.  Think our house is now worth around £225. I'm not sure if we can pay for the extra mortgage (without going hungry!) 

I've got a budget and know how much we can spend on things.  Trying to look at reducing all bills/outgoings.

We don't really want to move...but if it helped sort our finances out, we could move to a less expensive house, but not sure if it would help us. Hopefully my wife WILL find work but I'm just worried that if she doesn't we're stuck.

If anyone can advise me, that would be fantastic!

with best wishes

Alex

What is the current interest rate on your mortgage and length of term? 

How old are you? Will determine if you can lengthen term 
Amount owing on mortgage? 

What is the extra £300 based on? 

There’s a lot of questions really before people can advise 

ACG

I am going to assume the broker has looked at extending the term and a few little things we can do to help to get the repayments down a little. I am also going to assume that if you think you are going to struggle with repayments then you are probably stuck with Platform as a lender will do too. 

The positive is that you have 9 months to try and save some money and review your finances to strip things right back.

I dont know what your Mrs does, but can she earn some work on sites like fiverr etc being self employed? 

But I think you need to be honest with yourself. Can you make the finances work? If you cant, then you know that you need to downsize and do it on your own terms rather than being rushed to sort something out at the last minute and risking getting missed/late payments on your credit report.