Low Income/Zero Hour Contract and Remortgage HELP!

Inapickle80

Hi,

I'll try to keep this as concise as possible! I'm looking for any recommendations or advice for my situation.

Currently have a joint mortgage with my ex-partner with HSBC. We are amicable, but he now needs to come off the mortgage and I'm trying to apply for a single remortgage. This is terrible timing all round, but unfortunately we cannot wait any longer to make this change.

He is wanting a small amount from the property so he can use it as part of a deposit so he can buy with his wife (we've been separated a while!), and I would like to also take some money out of the property for home improvements and consolidation of credit cards.

The issue is around my job situation. I work in education, so my salary is low, and I top it up working for the NHS at weekends on a zero hour contract, which I make sure I work at least three out of four weekends a month. Due to current interest rates HSBC won't even entertain taking my ex off my current mortgage, let alone take out a new one for more money. I am very aware HSBC are a very cautious lender, so tried with Nat West as I hold my current account with them. Originally they were able to provide the whole amount I needed, but they are now saying they can only give me £5000 more than my current outstanding amount, which simply isn't enough.

I'm aware some places are funny about zero hour contracts, which is why I've had to wait over a year to look at remortgaging, so I can build up that proof of regular income. I had to apply for an exemption with Nat West for the zero hours.

I'm wondering if there any any other lenders who might be a little on the softer side with their lending who might be able to assist me (again, fully aware everyone is being cautious right now)? Or, if anyone has any advice they can give me it'd be much appreciated!

The frustrating thing is, for a mortgage debt I'm not actually asking for that much, but unfortunately my credit card debt is holding me back in my application too.

My current outstanding amount is £53,400, and I need a remortgage for at least £71,400, although preferably £77,400. My property is currently worth approx £170,000. Nat West have said they can only offer £58,600 (taking me up to a retirement age of 70). My full time job is only £16,156pa, and with my NHS top-up I earn approx £350pm gross. My credit card debt is £7000.

I'm aware it's so bad purely because lenders are being cautious and interest rates being so high, the chap at HSBC said this time last year would've been absolutely fine to get the amount I need, but sadly that doesn't help me now.

Thank you for reading, any tidbits or nuggets of info would be greatly appreciated, I'm really starting to stress about the situation and starting to worry my ex will make me sell my home.

Thanks again.

CSI_Yorkshire

Speak with a decent broker rather than trying to approach lenders by yourself.

They should have a good idea of the likely limits and criteria of each, and should know best where to direct your application.

Inapickle80

CSI_Yorkshire said:

Speak with a decent broker rather than trying to approach lenders by yourself.

They should have a good idea of the likely limits and criteria of each, and should know best where to direct your application.

Thank you. In my desperation I just went straight to my current lender and then to my current account holder round the corner. Its a bit of a minefield!

Thanks again.

Cs9ja17

100% go see a broker, maybe even 2 or 3. They will be able to provide a list of potential lenders and the maximum amount they could potentially lend you if you were accepted. I recently remortgaged with my ex-wife (we are also amicable), the broker did all the work for us after we provided wage slips etc. I appreciate your situation is a little different as you are removing your ex, not remortgaging together.