We have a £85000 mortgage outstanding on a house worth £175000. There are 16 years left on the mortgage. We urgently need repair work carrying out to the house £10-12K (leaky roof) but don't have savings nor can fund it out of income. We earn just £31 k between us (plus tax credits, child benefit) & have 4 children & substantial other debts, however we do pay everyone every month & have not missed a payment in ten years. I think a further advance on our mortgage would be the ideal solution, but our mortgage company (Birmingham Midshires) no longer handles business directly & I would have to approach a broker. My queries - 1. Am I likely to be granted the advance? 2. Is the small amount of the loan worth it to a broker? 3. What options will I have if they refuse, prolonged damage to the roof / building could only devalue the house.
I do not really have the option of remortgaging, I've tried putting our income / expenditure details into various calculators & they come nowhere near the total amount I would need to remortgage. We are on a great mortgage deal @ base+ 1.99% & can't afford to move from that anyway. We are comfortable with adding some more to the mortgage & feel we could handle additional repayments. Our other debts, which we pay out around £500 a month will not settle for another five years, but the roof won't wait that long! Any comments appreciated, Many thanks
I do not really have the option of remortgaging, I've tried putting our income / expenditure details into various calculators & they come nowhere near the total amount I would need to remortgage. We are on a great mortgage deal @ base+ 1.99% & can't afford to move from that anyway. We are comfortable with adding some more to the mortgage & feel we could handle additional repayments. Our other debts, which we pay out around £500 a month will not settle for another five years, but the roof won't wait that long! Any comments appreciated, Many thanks