Trouble remortgaging Theclarkshouse

#1
Hey all, we are trying to remortgage and extend the amount to cover finishing an extension. We were both working and child free when we got our mortgage, we paid a substantial deposit and now owe just over 100k over 20 years. We want to fix for 7 years and take an additional 30k to finish a large extension to the rear of the property. We have had the house valued at 350k and will be worth 400k with the work completed. We have no problem repaying, have never been late, and the figure quoted was £32 a month more than we currently pay, not an issue...however we cannot get the money. My dad has offered to be put on our mortgage as he has a very good pension, owns his house outright, I am an only child, but he is 71 .....my mother owns her house outright , but is mid 60s.....still working and earning substantially. We want to do this on our own ideally but that is looking difficult. I asked about being put on to the deeds of both houses, but that counts against me as I would have to be considered to pay to run both houses...we are at a dead end seemingly...asset rich cash poor...any help or advise is very much appreciated.

#4
When I say cash poor I mean we don't have the £30k sat in the bank. We live well, but have no savings to speak of.We have 2 nice cars we own outright, several holidays a year, and could cut our outgoings if they require it. The lender has been very vague depending on who we speak to we get different advice from them. My parents have both offered to sign the deeds to their houses over to me now ( total current value in excess of £800k) however the lender has said this would go against me as my wages would have to cover the running of these houses too.

#5
Have you checked your credit files? Was it interest only mortgage. Is the amount less that 4.5 x your salary?



Maybe a broker would be best if you are not tied into current lender.

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