Currently trying to remortgage and have been told that current lender no longer does interest only mortgages and only do repayment. Was not informed of this when in discussion with them previously.
Currently in divorce process...Decree Nisi done and waiting to do ancillary. Both names on mortgage tho for the last 18 months I have been solely responsible for the mortgage (not through choice)...I receive £200 a month CSA for three children. I work part time and salary would just cover mortgage but nothing else. Ex is self employed and has apparently not done this years accounts (or last years) but effectively halved his income after he left.
Spoke to independent mortgage consultant who said no lender would consider me due to circumstances and salary.
Spoke to ex who said there is nothing he can do to help as he has no funds.
So frustrated that again I am left with no options. Any one been in same situation...any advice?
(value of house approx 210K with 140K mortgage)
I had a fixed 2 year repayment rate that I switched to interest only in January but that is now coming to an end. I need an interest only mortgage until I know what is happening with house, equity etc.
Feel completely out of my depth