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Are we stuck with our lender?
yamin
Posts: 14 Forumite
Hi All - We took out a large mortgage, then I gave up work to be at home with the children. We are just about managing to keep heads above water, but obviously want to get the best mortgage deal when our discount runs out. We are no where near getting approval for this size mortgage now I don't work (miss any multiples by 6 figs!), so are we stuck with the best our current company can do? (No salary checks just straight swap) which is what we did early this year, or is there some way we can access competitive products from other companies?
Many thanks for any replies
Yamin
Many thanks for any replies
Yamin
0
Comments
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Unfortunately not. If markets tighten up as expected, they may even start credit checking and assessing retention deals based on the fact that they know credit is tight and they want less risk.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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OMG, seriously? Even with 3 years of exemplary payment history despite lower income? I hope that counts for something!
Thanks for your honesty anyway!0 -
You got the mortgage based on affordability of 2 wages. You then lose one income because you perceive (and rightly so imo) that staying at home with children is more important.
The lender has a responsibility to demonstrate that they are lending responsibly. You may get a better deal offered but if you don't, don't think your payment record means anything if the affordability is not there.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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