Would we be eligible for a remortgage?

H

hla2

Guest
Hi All

Just wondering if anyone would be able to answer the following? We got our mortgage 14 mths ago, mortgage balance is €250k, value of property is €320k. We also have three substantial loans, first one is €10k, second is €16k and third one is €5k. We were hoping to remortgage to redeem all these loans and do to the remortgage over a 5 yr term. The problem is that my partner is self employed the last 8 mths, he has guaranteed work for the next 12 mths at least. Also my salary is made up of approx 50% commission. Combined salary would be roughly €95k per annum. Do you think any lender would approve us for a remortgage when my partner is only self employed a coulple of mths?

Any comments appreciated.
 
Hla2,
Couple of questions, and then I might be able to let you know:
1) Is your commission regular? (ie. can you show a history of regular commission recieved)
2) What sort of occupations do you both have
3) Who is your existing lender?

The reasons for asking, are
1) If commission is highly regular, certain lenders might regard it as regualar income
2) Some lenders actively perfer certain professions, and are more "lenient" towards them
3) Very important - some dont refinance short term debt

I am a broker, by the way!
 
Munsterdude,

thanks for your quick response

1) Yes, my commission is regular, I get it on a quarterly basis, also yes, there would be a history of this on my bank statements
2) I work in the insurance industry and my partner is an electrical contractor
3) Existing lender is Ulster bank, its their tracker mortgage we have

Do you have to remortgage with your existing lender or can your mortgage and remortgage be with different lenders?

Thanks again
 
Hi again,
No, you dont have to remortgage with your existing lender, but it will generally cost you a few quid to more.
Ulster Bank generally dont like to finance short term debt, but they have just (in the last 2 weeks) changed their policy on same. Your best course of action might be to ring them up, and ask if they are interested in refinancing your short term debt. If they are not keen, there are a number of other lenders who might be interested
Munsterdude
 
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