Remortgage?

milli72

My fixed rate mortgage runs out at the end of March. Mortgage is £95K, flat is worth £126K index price. Was working when bought place but now f/t student. Can I apply to remortgage now that I am a student?

I need money to pay course fees, (£22k) can I increase my morgage and withdraw money against the equity? If so do I need to be working? If I can't do this can I apply for a secured or non-secured loan while I am a f/t student? Really need this money but don't want to sell! Any advice would be much appreciated. I have a good credit history (not perfect, occasional late payments)
Thanks
milli

_Andy_

What income do you have?

brightbuy

Hi milli72,

Have you approached your current lender on an informal basis? That would be the first step. Also what course are you doing that costs that much?? :eek:

UK007BullDog

If no income no chance. if you want more you need to provide proof of income.

How are you supporting your current mortgage?

You might be able to get a deal with your lender on the original amount but you might not be able to move to another lender without proof of income.

As you had some late payments the lender will check you over with a magnifying glass to find out why you had late payments.

MortgageMamma

Why don't you just sell it, use the equity to pay course fee's, rent somewhere and then emerge from your course totally debt free and able to start again?

milli72

Why don't you just sell it, use the equity to pay course fee's, rent somewhere and then emerge from your course totally debt free and able to start again?

Can't sell, am lone parent, have daughter in school nearby. rental prices far higher than my mortgage for 2 bed place even if I go to another area.

If no income no chance. if you want more you need to provide proof of income.

Gulp. Could do 2 nights teaching at Oil Co, would give me around £80 per week, not sure if enough? Also course is accelerated LLB (Law for graduates) so course load is v heavy so 2 nights work would be tough.

How are you supporting your current mortgage?

Partially bank of dad. He has a lot of money, I don't. Don't usually see much either so can't ask for any more. Will try & repay once working again. Also get student loan £5.5 K pa

You might be able to get a deal with your lender on the original amount but you might not be able to move to another lender without proof of income.

As you had some late payments the lender will check you over with a magnifying glass to find out why you had late payments.

Never been late with mortgage payment, just late with stuff like phone bills (though have now switched to dd for most bills) Not sure if that makes a difference?


Hi milli72,

Have you approached your current lender on an informal basis? That would be the first step. Also what course are you doing that costs that much?? :eek:


What income do you have?

Not enough, see above! Might try lender (Halifax)but am scared to tell them I'm no longer working in case they cancel my mortgage?

Tried Further Advance on equity when was still working but they put it to business assessor who knocked me back. They said that having 3 jobs, 2 of which were ad-hoc (but always plenty of work) was not secure enough for them.

Can cope if I get £13K for 1st yr and half. After may have to go back to work for a yr to afford rest of my fees (for the 9 mth prof practice course) Can't give up hope. Have passed all exams so far and know I want to do this. :O)

herbiesjp

If you are already with the bank of dad, then a guarantor mortgage may be an option for you

milli72

Would've been perfect, I know. And I did try. Dad works abroad; even when he was here he had strong distaste for the Inland Revenue. V strong distaste. He wouldn't disclose earnings, property etc in any legal document.

herbiesjp

Well then can bank of dad loan you the extra money instead, and you can pay him back - I am sure his underwriting criteria and rates will be more favourable for you.

If you need a new deal with Halifax, and are not borrowing any extra, they do not normally credit search you or ask you for any documentation

milli72

Have pushed dad as far as he'll go. He gave me £10k deposit for this place. valuation was £100k I paid £116K with the offers over thing up here. Have pretty much secured mortgage cover from him (for at least the next 12 months). He just paid 1K when my car's clutch & gearbox gave up the ghost. (Wish everything in life was as reliable as a VW?! Not)
On a sticky wicket to ask for any more.

PS In case that comes across as me being given hand-outs, want to say that I've always paid my own way, worked since school & while at uni first time round had 2 jobs. Dad just helped out more recently 'cos partner walked out for good when I became pregnant 6years ago.

Glad to hear Halifax may not want proof of income, is that the case even if I'm applying for another deal with them? (ie not paying Halifax's svr?)

Stew_Lecop

Not exactly what you may want to hear but - 'stick at it girl'. Bringing up a kid on your own and doing a law degree - Bleedin' good on you. Good luck. :T