Posted on 7 February 2010 by Dara
I am coming to the end of my fixed rate mortgage in June '10. Since taking out the mortgage, my family has increased from just me and my hubby to 2 small children. With this change came a change in my working pattern (part-time now instead of full time). I am wondering if this will affect my re-mortgage application as I am still the main earner in the family. We are paying back interest and principal and have not missed a mortgage payment. Basically wondering if re-mortgaging will involve all the same questions as the original mortgage did (i.e. salary, etc). Thanks.
The short answer is yes, all lenders have to make an assessment of your income and expenditure to make sure that you can afford mortgage you are applying for and you will face all the same questions again.
You may now be working part instead of full time, but you have a proven track record of paying the mortgage. This far out weighs the change in your employment and a good independent mortgage adviser would be able to speak to a lender's underwriters and get their agreement if your actual income doesn't meet their standard criteria.
You should also look at what deals your own lender is offering. Many of the best rates available on the market are only offered to existing borrowers and a simple transfer request form is all you would usually fill in.
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