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Stuck With A High Interest Rate, Halifax

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chi-chi
chi-chi Posts: 59 Forumite
in Mortgages & endowments
I have had a small mortgage with the Halifax since May 2003, (£26 250). I have a very low income from 3 sources, roughly equal amounts from each. They are: a small part time business, Working Tax Credit and maintenance payments from my son's father.

I had limited choice of mortgage because very few lenders will count maintenance payments as income unless there is a court order. My son's father and I have a private agreement. I have bank statements showing regular payments for the past 11 years but it seems to make no difference.

The only accounts I have for the very small business are my own books showing incomings and outgoings.

I am currently paying 7.50% (It has only recently come down from 7.75%!), variable rate and they are unable to offer me a better deal.

A mortgage broker has tried in the past to find me a better deal but she couldn't because so few lenders will accept maintenance payments as income.

Has anyone any suggestions? I have only tried the Nationwide so far, as I have a current account with them and the answer was an outright 'no'.

Any fresh ideas on this would be appreciated.

Thanks.

Comments

  • dunstonh
    dunstonh Posts: 119,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    they are unable to offer me a better deal.
    Why? Most lenders are happy for you to buy a new deal.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    dunstonh wrote: »
    Why? Most lenders are happy for you to buy a new deal.

    It sounds like the OP's income (from verifiable/ acceptable sources) will not cover the required amount.
    Gone ... or have I?
  • dunstonh
    dunstonh Posts: 119,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    a deal change usually doesnt require new underwriting though.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • silvercar
    silvercar Posts: 49,504 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Maybe most deals are only available to those borrowing over £30,000?
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • chi-chi
    chi-chi Posts: 59 Forumite
    dunstonh wrote: »
    Why? Most lenders are happy for you to buy a new deal.

    Quite simply, they have not offered anything which would substantially reduce the mortgage repayments. Eg, they have offered 3yr deal fixed at 6.94%, (reducing monthly payments by just £12 a month) or a 3yr tracker at 6.79% with a £299 arrangement fee.

    I've had 3 reviews since the summer and nothing they have offered has been worth taking seriously.
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you've had child maintenance for 11 years, presumably it'll be stopping in the relatively near future so can hardly be used as part of mortgage calculation for the long term.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • chi-chi
    chi-chi Posts: 59 Forumite
    !!!!!!_here wrote: »
    If you've had child maintenance for 11 years, presumably it'll be stopping in the relatively near future so can hardly be used as part of mortgage calculation for the long term.

    It won't be stopping for another 5 years or so. The argument has never been to do with the length of time the maintenance has to run; it's always because it has not been fixed by a court order, it's a private agreement.
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