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End of fixed rate, similar circumstances, what are our chances!
Spyda_2
Posts: 22 Forumite
Hi All,
We currently have a joint mortgage, paying approx £800/month. Our house hold bills, (including food) total about £700/month. So we each put in £750/month.
Our joint monthly bring home income is around the £2400 mark, with my partners income higher than mine. I pay £234/ month for a DMP, which I've been on for about 30 months now. (Never missed a payment while on the DMP.)
With the payment into the joint account and this DMP payment, most of my money is then gone.
I am a Director of my own limited company, and therefore earn a basic salary of approx £400/month, and take dividends at the end of the year. (Standard accountants' practice, so I understand.)
I earn the same monthly amount now as I did before, my other half earns slightly more, (figures above are now, not then).
Any other expenses I have in the month are covered as a business expense, travel, etc..
We bought our house Jan '07, with a 95% LTV mortgage with GMAC, who have now sold the mortgage on to Oakwood Homeloans.
We fixed for 2 years on about 6.14%, interest only. (We were hoping that we'd be able to afford to switch to Repayment at the end of the fixed period.)
We still have equity in the property.
We also did some substantial work on the house before moving in. (Hopefully increasing the value.)
Affordability is not currently an issue, (provided we don't need to move to the SVR at the end of this year!)
My concern is that will we be able to find it reasonably "easy" to get another mortgage once our fixed rate comes to an end? Given the current "clamp downs" on who mortgage companies are lending to.
We currently have a joint mortgage, paying approx £800/month. Our house hold bills, (including food) total about £700/month. So we each put in £750/month.
Our joint monthly bring home income is around the £2400 mark, with my partners income higher than mine. I pay £234/ month for a DMP, which I've been on for about 30 months now. (Never missed a payment while on the DMP.)
With the payment into the joint account and this DMP payment, most of my money is then gone.
I am a Director of my own limited company, and therefore earn a basic salary of approx £400/month, and take dividends at the end of the year. (Standard accountants' practice, so I understand.)
I earn the same monthly amount now as I did before, my other half earns slightly more, (figures above are now, not then).
Any other expenses I have in the month are covered as a business expense, travel, etc..
We bought our house Jan '07, with a 95% LTV mortgage with GMAC, who have now sold the mortgage on to Oakwood Homeloans.
We fixed for 2 years on about 6.14%, interest only. (We were hoping that we'd be able to afford to switch to Repayment at the end of the fixed period.)
We still have equity in the property.
We also did some substantial work on the house before moving in. (Hopefully increasing the value.)
Affordability is not currently an issue, (provided we don't need to move to the SVR at the end of this year!)
My concern is that will we be able to find it reasonably "easy" to get another mortgage once our fixed rate comes to an end? Given the current "clamp downs" on who mortgage companies are lending to.
0
Comments
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how much equity do you realistically think you have if you bought just a year ago at 95% loan to value.0
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I'd say we owe about 90% of it's current retail value.0
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