End of Fixed Rate Period

Posted on 1 February 2011 by Trudy Ahyee

My daughter and I have a joint mortgage of £175,000 on a property valued at £420,000.  Our fixed rate deal ends in March.  My daughter took voluntary redundancy some months ago to study and has no income yet.  How will this affect us when we apply for another fixed rate?  My income is £32,000 and have no other debts. We also have two lodgers that bring £1000 per month.


This should only affect you if you decide to change Lenders. Any new Lender would want to make sure that you can afford the mortgage on your own and there are a limited number who are happy to accept the income of your lodgers in addition to your earned income. Your existing Lender already has the mortgage and will not normally be interested in your current financial circumstances.

I recommend that you speak to your existing Lender to see what rates they have available to existing borrowers and compare these to the Best Buys on this website. This will give you an idea of whether or not it is worth looking for an alternative Lender. If it is then I suggest you speak to an independent mortgage adviser because the amount you want to borrow will be beyond most Lenders calculations. A mortgage broker will know which Lenders to approach and how to present your application in the most favourable light.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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