Mortgage with dependants

scoops82 · 10 January 2018 at 1:12PM

Hi

I need to remortgage later this year and this will include hopefully borrowing more money. I live with my partner (soon to be fianc!) and our 9 month old baby.

The house is soley in my name and the application would be based on me alone but I was just wondering if anyone could reassure me(or not) that I would be able to borrow the require funds.

Salary: £32k
House Value: £180-200k
Mortgage at redemptation date: £120k
Remortgage amount requesting : £128.5k
No CC debt

Currently with Nationwide and I have been assuming id be able to apply for one of there 5 year deals no problem, but would like some kind of censuses weather that is likely.

Thanks in advance
S

YHM · 10 January 2018 at 1:17PM

Should be fine, subject to an affordability assessment.

Nationwide arent particularly competitive with rates, so would recommend reviewing the market with a broker

scoops82 · 10 January 2018 at 1:33PM

For a fee free mortgage too? With a LTV of say under 75% - what is likely?

Nationwide are currently 2.14%

YHM · 10 January 2018 at 3:27PM

I cannot name names on here, but all I can say is there are quite a few other lenders that are cheaper.

scoops82 · 10 January 2018 at 4:15PM

Thanks - I understand you cant name names. I did use a fee free broker so maybe I need spend some money on advice next time.

I also have another property which currently has CTL on it.
Value £90-95k
O/S Mortgage = £70k

Would this rule of some of those lenders?

How much does an advisor cost?

YHM · 10 January 2018 at 4:37PM

Potentially, as some lenders will account for the mortgage if its only on a CTL not a BTL.

Variety of fees. I know of Fee Free brokers and I know of brokers that charge £999. Maybe best to speak to friends and family see if they know of any local reputable ones.

Mortgage with dependants

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