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Mortgages - advice please with extending

(3 Posts)
jessmarkat Fri 28-Oct-16 19:59:58

Basically we need to extend the term of our mortgage to be able to stay afloat. Unfortunately, as I'm a Supply teacher our bank won't take into account my salary as it's not permanent (even though I am working every day and bringing home a regular income). My DH and I had a 2 hour telephone conversation with our bank this evening and at the end of it was told NO. Feeling very low and depressed - what else can we do?

JoJoSM2 Fri 28-Oct-16 23:43:51

You could try a broker but I imagine as a supply teacher you'll struggle. Have you got a spare room you could rent out? Any chance of a permanent contract? Generating extra income with overtime/tuition etc?

CotswoldStrife Fri 28-Oct-16 23:55:36

You are stuck in the vicious circle of being unable to afford the mortgage, and unable to get a new one because of stricter affordability criteria these days. Did the bank have any suggestions of alternatives - can you take a payment holiday (probably still add interest)?

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