re-mortgage

B

bobby.sands

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where or who will help me re-mortgage?
with a stay at home wife & a poor income of my own less than 24k a year.looking at a 300k remortgage but so far no1 will take us on?
 
You never mentioned how much is outstanding on your current mortgage or the value of the property. But i would have to think no bank in the current market is going to want to lend that type of money on the basis of your income.
 
bobby.sands said:
where or who will help me re-mortgage?
with a stay at home wife & a poor income of my own less than 24k a year.looking at a 300k remortgage but so far no1 will take us on?
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Even if you went for a 35 year mortgage you are looking at repayment of ~1500 a month at 5% interest.
With a take home pay of less than 2000 before tax, how exactly are you going to pay it?
 
based on the information here, you can't afford to remortgage, simple as that, and if any one does lend to you, the probablility is within 12 months they will be looking to reposses your home because you won't be able to afford the payments

If you are having financial difficulties, why not put the details on here and see can anyone help/advise
 
the house we own is through the county council.valued in march it was worth 225k, i know the prices have dropped rapidly here also. because its through the council its low payments of 680euro or there abouts but the problem is the hugh clawback fee they look for if you sell up.its best to hold off selling for approx 10yrs that way we'd get our moneys worth but we have a big debt also of approx 46k we just want to pay off every1 and have 1monthly payment thats hopfully easier to manage and a bit less stressfull
 
You want to top up to a €300K mortgage on a property worth €225K or less? No chance! That's a 133% mortgage!!!
 
thats what i was thinking but have heard of worse of cases that have done it. maybe they are with MABS i dont know but it could be possible
 
Mpsox said:
based on the information here, you can't afford to remortgage, simple as that, and if any one does lend to you, the probablility is within 12 months they will be looking to reposses your home because you won't be able to afford the payments

If you are having financial difficulties, why not put the details on here and see can anyone help/advise
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have done now thanks
 
bobby.sands said:
thats what i was thinking but have heard of worse of cases that have done it. maybe they are with MABS i dont know but it could be possible
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MABS are there to help with debt/finance problems. Not to get people 133% LTV mortgages! Maybe you need to post more detailed info about your overall financial circumstances (e.g. in the Money Makeover forum template) so that people can comment more meaningfully?
 
bobby.sands said:
the house we own is through the county council.valued in march it was worth 225k, i know the prices have dropped rapidly here also. because its through the council its low payments of 680euro or there abouts but the problem is the hugh clawback fee they look for if you sell up.its best to hold off selling for approx 10yrs that way we'd get our moneys worth but we have a big debt also of approx 46k we just want to pay off every1 and have 1monthly payment thats hopfully easier to manage and a bit less stressfull
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I don't understand.

You want to stay in your present house and refinance so you can increase your mortgage repayments from €680 to €1,500 per month?

What exactly are you trying to achieve?
 
The problem is they can only refinance if they pay the council clawback- so on top of the existing mortgage they have to pay a clawback and also are looking for refinance of existing personal debt. Presumably if they didnt have to pay the clawback the picture might be better?
 
Vanilla said:
The problem is they can only refinance if they pay the council clawback- so on top of the existing mortgage they have to pay a clawback and also are looking for refinance of existing personal debt. Presumably if they didnt have to pay the clawback the picture might be better?
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Still don't understand.

Does a clawback not come into effect upon sale? So, incur it if they need to sell. Why pay it if you don't need to?
 
Not sure but is there something funny about AH schemes meaning that even a remortgage and not just a sale can trigger a clawback? There seems to be some funny stuff (restrictions) with some or all AH schemes and who you can (re)mortgage with and how/when....
 
ClubMan said:
Not sure but is there something funny about AH schemes meaning that even a remortgage and not just a sale can trigger a clawback? There seems to be some funny stuff (restrictions) with some or all AH schemes and who you can (re)mortgage with and how/when....
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That being my question. Why would you trigger a clawback unecessarily?
 
Sorry - don't know if this actually is the case and why if it is. Just going by some recent threads/posts on AH mortgages and there seems to be some funny restrictions with them.
 
its paying other bills aswell a the mortgage,we hand out almost 1700e every month on bills & want to combine everything so that we have a cheaper and more managable repayment.at this stage yes the extra 200e or so would make a difference if you seen what money is put out on the table every week.thanks.
 
the clawback reduces after 10yrs of living in the property therefore if we sell now we have to pay them the value we bougth the house for plus almost 45% of the profit we make,we got the house through the council as we had feck all money but we had no choice only to agree to the contract and sign the dotted line unfortunatly
 
I think you will need to put some very specific details on here to get a considered response, because it still isn't clear how you would be able to reduce your outgoings just be remortgaging. In fact it isn't clear that you wouldn't increase you outgoings (i.e. by borrowing more, or subjectig yourself to a "claw back").

Here are some basic points you might want to consider:
  • If you reduce your total borrowings your outgoings will go down
  • If you increase your term you outgoings will go down (e.g. increase your mortgage term, bundle outstanding credit card debt etc. into mortgage)
  • If you refinance at a lower rate you outgoings will go down (e.g. new mortage rate, bundle outstanding credit card debt etc. into mortgage)
Remember I am talking about the size of you regular outagoings. Note that this might mean you end up paying more over time.
 
bobby.sands said:
the clawback reduces after 10yrs of living in the property therefore if we sell now we have to pay them the value we bougth the house for plus almost 45% of the profit we make,we got the house through the council as we had feck all money but we had no choice only to agree to the contract and sign the dotted line unfortunatly
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Sorry but you had a choice not to buy the property. The council didn't hold a gun to your head to force you to buy the property.
 
plant, I would think that it would be fair to say that while there wasn't a gun to his head, there were precious few other options for purchasing any property. It probably seemed like a good deal.
Bobby, I don't think a re-mortgage is the answer to your problems anyway, I would surmise that you have run up the additional debt over time in lifestyle spending. I think you need to look long and hard at where your money is going
 
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