Mortgage renewal

[Carol52]

Where do I start.
Background carer for my dad for over 15 years before he died 3 years ago.
Single parent of 2 teenagers .
Went on a I terribly mortgage 2 years ago. Since then I have had a car accident and to be honest I think I have been full of anxiety etc . I have managed to get a job for 23 hours a week but k also still get universal credit.
Sadly in the last two years I have now got a debt of £6,000 on cc.
My mortgage is coming up for renewal and I am really worried they will force me to sell house. I was hoping I could try and extend interest only mortage. My health has not been great so the hours I work absolutely shatter me any way.
Any advice or anyone know or interest only repayment companies that would take universal credit in to income. I have found out today my lender doesn't which is worrying

Often if you stay with the same lender but just move to a different product they don't do affordability checks. Can you do that? I am assuming you can afford the mortgage payments.

Yes was going to stay the same with @eurochick switch to a new deal with your current lender, may not be the best on the market but they won't do affordability checks, you just agree the new rate.

Have a look online now for what your current provider is offering. As above they have already run affordability checks on you previously so you should just move onto the new deal. It may not be the best rate but it is a for now thing.

Most times you can just apply to move over online, I think that is how I have done it for the last 10 years as my provider had some great deals so just switched without even talking to anyone.

Depending on your age consider extending the term which you can then always reduce at a later date. This could bring your monthly payments down. MoneySavingExpert has a mortgage calculator meaning you can run some amounts through it to see what extending your term would do.

It's probably worth speaking to a good independent mortgage broker - they can advise you on the best route to take. A few years ago I was on a fixed term contract and had just moved jobs, and the broker was incredibly helpful finding a provider that was comfortable with that. Not all information is available online to the public unfortunately.

I'm a broker.

In your situation I would just do a product transfer with your current lender. No credit or affordability checks.

Speak to an independent broker, give them all your details and they may advise you the same.

As others have said, speak to a broker, be completely honest with them. The likelihood is you will do a product transfer with your current lender without an issue, but I can almost guarantee you will feel more positive for having talked it all through.

Thanks for you advice the only thing is I am on universal as well my lender will not take universal . Can they extend my interest only mortgage

Some lenders will accept benefit income. Honestly the best place for this conversation is with your broker- they work for you and will take into account the intricacies of your situation. Please don't worry unneccessarily.

As long as you don't switch lender but stay with the same bank/building society, they typically won't ask where your income is from at renewal. So you should be able to renew with your current lender. The interest rate you pay will probably change.

Many lenders have a website where you can log in and see options for your new deal, does yours have that?

Can I pick up on the second part of your post?

You mention extending your term on interest only.

Is this because you are struggling to meet the current payments?
Are you in arreas?
Do you have a plan on how you'll repay the loan?
Are you thinking long term with the term extension?

No the interest only is because I am on a low wage and I don't think I would afford a repayment I spoke to my lender who took my details and I have a appointment with a adviser next week so 🤞fingers crossed we will see what they say. They may let me do part repayment part interest .

I have never been in arrears and have started to pay extra.

Ok, but keep in mind, if you can't repay the interest part at the end of the mortgage term your only option may be to sell up.

I'd also recommend speaking with a broker, not just the adviser from your lender, who will have a much narrower set of options. You may well end up staying with same lender but I would certainly hope you will feel more empowered and understanding of the options open to you, not only now but hopefully in the future when your circumstances improve