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parker

Remortgage - Affordability

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I'm on a 2-yr fixed rate with Halifax which is due to end mid next year. I'd like to understand if I can remortgage with a different lender or I need to stay with Halifax.

Property value expected: £275K*

Mortgage balance mid next year: £205K

Salary: £36300 p.a.

Bonus: 10% p.a.

Child maintenance: £5800p.a.

Child benefit: £1057p.a.

Dependents: 1

Existing debt, other than mortgage: £0

If property value will be lower than £75K I'm ready to make an overpayment so that I stay at 75% LTV, as I have some savings.

Main questions: which lenders take into account child maintenance and bonus? as I'll have affordability issues if they are not considered. Child maintenance is not via CSA or court but I can prove it via bank statements (very regular). Bonus is not guaranteed but I can prove 3-yr history of it as we *always* make it.

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I have a typo, I meant if If property value will be lower than £275K :)

thanks

Um. Why don't you just give this info to a broker and let them see what they could do - its free. Try Tom Henegan (Tom@fcfs.org.uk). He's given me impartial advice in the past that has actually meant I don't go through him to get a mortgage.

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I'm in a similar situation. Exempt our balance is around 237

When the two year ends we could look for another mortgage etc

Or stay in the lenders standard variable which as per paperwork

Works out at £200.00 cheaper per month.

If its too costly to remortgage onto a new deal then we'll stay on the variable

& use the savings to overpay every month.

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I'm on a 2-yr fixed rate with Halifax which is due to end mid next year. I'd like to understand if I can remortgage with a different lender or I need to stay with Halifax.

Property value expected: £275K*

Mortgage balance mid next year: £205K

Salary: £36300 p.a.

Bonus: 10% p.a.

Child maintenance: £5800p.a.

Child benefit: £1057p.a.

Dependents: 1

Existing debt, other than mortgage: £0

If property value will be lower than £75K I'm ready to make an overpayment so that I stay at 75% LTV, as I have some savings.

Main questions: which lenders take into account child maintenance and bonus? as I'll have affordability issues if they are not considered. Child maintenance is not via CSA or court but I can prove it via bank statements (very regular). Bonus is not guaranteed but I can prove 3-yr history of it as we *always* make it.

Even taking into account child maintenance and benefit, your at 4.75x income. I'd get out now if I were you......

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Even taking into account child maintenance and benefit, your at 4.75x income. I'd get out now if I were you......

Thank you, but I have decent savings and extra support for my child from my ex (on top of the child maintenance). And I own a 2nd property, not mortgaged, overseas, which I could rent out (but choose not to). I'm also debt-free, except for the mortgage of course. If I sell, I lose too much money, so why do it, just because of a ratio? I manage my finances well, thank you. Not ro mention that rents are higher than my mortgage where I live.

But thanks for the concern :-)

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Thank you, but I have decent savings and extra support for my child from my ex (on top of the child maintenance). And I own a 2nd property, not mortgaged, overseas, which I could rent out (but choose not to). I'm also debt-free, except for the mortgage of course. If I sell, I lose too much money, so why do it, just because of a ratio? I manage my finances well, thank you. Not ro mention that rents are higher than my mortgage where I live.

But thanks for the concern :-)

I wouldn't be too offended by what AThirdWay has to say, that's why we are on this forum after all. Your finances must be strained by the high salary multiple and child maintainance payments which can't leave much to play with. I understand what you are saying about it being cheaper than renting (for now).

There are some cracking 10year fixes to be had at ~4% or 5year fixes ~3%

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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