Need to reMortgage with low income

[catanddog]

Anyone able to help on this one? It would be appreciated!

My mortgage is interest only but I put in lump sums to capital every now and then (this is allowed free of charge). However, my mortgage currently stands at nearly 14K and is due to be paid off next August. House value around 75K, so LTV less than 20%.

I applied to my current lender Santander for an extension to 2024, and also making it repayment, but they've turned me down. I understand that this is because my annual income (I am self employed) is only about 7K. I've sent them details of income and expenditure, explaining that I don't go on holiday and I grow most of my own fruit and vege as I have an allotment, and I don't eat meat; so expenditure is lower than would be expected.

Anyone able to suggest who would give me a mortgage in this position PLEASE!!! It seems ridiculous the idea of possible repossession when I already have a mortgage and owe so little.

Thanks so much! Getting rather stressed! I only heard their decision today. (They got my paperwork weeks ago but were inefficient!)

[catanddog]

Not sure where would be better to post?! Thanks!

[catanddog]

Thanks! When I got your message, I found mine was in Finance and didn't know where better ... can't remember where I posted it originally!

[catanddog]

Thanks for everyone's comments!

[catanddog]

The irritating thing is that I COULD afford it ... I have been paying into my capital lump sums the last few years, but the main reason I haven't paid off was that I had some years of unemployment or very low income before I started the self-employment which I currently have; and even though my income is still low by most standards, I grow a large proportion of my own food. Santander KNOW that I've managed to pay into the capital even though I had a low income! Before they got my income details, they told me how much I'd have to pay monthly and it seemed quite manageable. Indeed, I intend to pay that amount into my capital by August but unfortunately that is when my time runs out, and I can't pay the whole 14K in that time!

[catanddog]

Thanks ppl! Yes, 10 months to sort it. Santander oh so kindly said I could apply again in six months! but there is no point in waiting.

Unfortunately I don't have the right friends to lend me that sort of money! Thanks anyway.

Might have to investigate a loan, but I think I'll try the Citizens' Advice Bureau. I intend to take evidence of income AND evidence of the repayments I've made to the capital over the last few years, which show that my case is good.

According to a web site I looked at, lenders are supposed to do everything reasonably possible to avoid having to repossess ... such as extending the term! Which is exactly what I want! I do think Santander are pathetic! Okay, new rules might say they couldn't start someone in my position on a mortgage in case they have to repossess, but I've already got the mortgage!