am I able to remortgage?
Posted: September 21st, 2017, 11:24 pm
Hi all, and thanks in advance for any responses.
My fix rate will end in November or so, and I'd like to borrow more for lease extension, kitchen and bath remodelling, and debt consolidation (adding all credit card debt to the mortgage). Please let me know if Barclays is an option for me for remortgaging - will I pass affordability to get their 1.75% 5-year fix rate? Are there any other options? Or better options? I might be going through a broker, but would like to try my luck with Barclays first. I was also looking at Santander and Tesco. My details:
Current mortgage: £183K left with Halifax at 2.34%, rate expiring in 2-3 months, 19 years left. Monthly repayments: £1000
Property: 2-bedroom leasehold flat (ex-authority building, at least 55% of flats privately owned, 3 floors). 90 years left on lease.
Single applicant, with one dependent 9-yr old child
£42K salary
£5.2K annual bonus (P60s, payslip)
£6K child maintenance (bank statements available; informal agreement only - no CSA/court order)
£1K child benefit (bank statements, letter from hmrc)
Monthly outgoings:
£102 council tax
£80 service charge
£300 childcare
£125 monthly travelcard
Debt & credit history:
one credit card approx £10K now (to be added to the mortgage)
no student loans and no other debt
on electoral roll, no missed payments
New mortgage:
Desired mortgage: repayment mortgage £215000, 25-year term. New LTV ~ 55%.
Santander 1.75% fix rate for 5-yr means less than £900 monthly repayments; I would like to overpay approx £300 each month (because I'm extending the term and I'm adding debt to the mortgage).
THANK YOU!
My fix rate will end in November or so, and I'd like to borrow more for lease extension, kitchen and bath remodelling, and debt consolidation (adding all credit card debt to the mortgage). Please let me know if Barclays is an option for me for remortgaging - will I pass affordability to get their 1.75% 5-year fix rate? Are there any other options? Or better options? I might be going through a broker, but would like to try my luck with Barclays first. I was also looking at Santander and Tesco. My details:
Current mortgage: £183K left with Halifax at 2.34%, rate expiring in 2-3 months, 19 years left. Monthly repayments: £1000
Property: 2-bedroom leasehold flat (ex-authority building, at least 55% of flats privately owned, 3 floors). 90 years left on lease.
Single applicant, with one dependent 9-yr old child
£42K salary
£5.2K annual bonus (P60s, payslip)
£6K child maintenance (bank statements available; informal agreement only - no CSA/court order)
£1K child benefit (bank statements, letter from hmrc)
Monthly outgoings:
£102 council tax
£80 service charge
£300 childcare
£125 monthly travelcard
Debt & credit history:
one credit card approx £10K now (to be added to the mortgage)
no student loans and no other debt
on electoral roll, no missed payments
New mortgage:
Desired mortgage: repayment mortgage £215000, 25-year term. New LTV ~ 55%.
Santander 1.75% fix rate for 5-yr means less than £900 monthly repayments; I would like to overpay approx £300 each month (because I'm extending the term and I'm adding debt to the mortgage).
THANK YOU!