Remortgaging soon! Chances of mainstream?

James120906

Hi all

When purchased in November 2023, I was on probation for new job so it limited our lender options and ended up at Kensington.

Now as we look to remortgage later this year, our home value should be around 320k with equity of approx 75k and a combined income of £105k. Couple of car loans totalling 560 p/month, loan of 400 p/m and credit card balance of around 5k. No missed pyts etc. Hoping our mainstream chances look far better?

ACG

Is there no other reason for going with Kensington? That seems harsh for such a simple issue to overcome. 

The amount you are paying out each month is more than most mortgages I come across. That in itself is not a problem so long as affordability is there. 

Difficult to say for sure, but all things being equal I think you will be fine. 

James120906

ACG said:

Is there no other reason for going with Kensington? That seems harsh for such a simple issue to overcome. 

The amount you are paying out each month is more than most mortgages I come across. That in itself is not a problem so long as affordability is there. 

Difficult to say for sure, but all things being equal I think you will be fine. 

Thank you. Went on brokers advice at the time. If possible would like to deal with things ourselves this time possibly Halifax as they appear anyway to be good to deal with going by many remarks on here. 

ACG

You should check the affordability before doing anything. Halifax have recently (last week) improved their affordability calculator. Worth giving a check. If it does not pass, then you know to knock them on the head. If it does, then you can go to the next stage. 

Im not saying you should or should not use halifax btw.

James120906

ACG said:

You should check the affordability before doing anything. Halifax have recently (last week) improved their affordability calculator. Worth giving a check. If it does not pass, then you know to knock them on the head. If it does, then you can go to the next stage. 

Im not saying you should or should not use halifax btw.

Yes I read about the affordability loosening. Im sure it said, comes into effect next month. I'll have a look after that at what they are saying. Thing is our current rate is just over 8% so would be a really significant reduction in payments for us looking at 3 or 5 year fixes.  Fingers crossed and thank you!

ACG

Ah it might have been. I just read they were relaxing it. I assumed it was from the date of the email. 

Cristoff1903

Mortgage broker here - from what you have said there was no reason to go with Kensington initially as there are  lenders that will accept probation periods.
You should be okay for a mainstream lender, as people have said previously, dependant on affordability. !
Good luck!