Any Chance of Switch/Top up

[bettyboop]

Hi

We have mortgage with PTSB of 270000 3 yrs into it and rates are much higher so would like to switch and top up if possible but dont know if any lenders will agree. ill give details of situation.

Mortgage of 270000 over 35 yrs house was valued at 470000 this time last year when we moved in (Self build).
Have been on interest only for 6 months due to OH being out of work. Due to restart full payments dec.
Had 1 month of arrears before interest only was arranged now paid.
We would like to top up to cover some other debts. OH was self employed and due to personal gurantees we now owe 30000.
OH is now in full time permanent employment earning 30000 pa im on 36k pa

Any advice would be greatly appriciated

 

[Watcher]

I wouldnt be optimistic on getting a top up to be brutally honest.
If the house was valuedat 470K a year ago, whats its realistic value now?
(-10, -15. -20%)

Taking worst case of -20% (extreme, but thats the market we are in), the house may be valued at 380K now. Thats not an inconsiderate LTV for a 270K loan in theory..However...

Switching is unlikely, most lenders just aint doing it. The fact that you have had arrears will show in a credit check and will immediately flash lights to alternative lender.

PTSB I dont think will entertain a top up based on your salaries. 66K combined does in no way justify a mortgage of 270K in the non boom rational lending environment.

Wish you the best