Mortgage deal ending soon

clarebear2008

Hi I'm new to this.
I have a mortgage with yorkshire building society and come out of the fixed rate in may next year, My partner has an IVA and so is not currently on the mortgage. His IVA will finish in february. I am worried about the mortgage as my salary has dropped considerably and so may need my partner to go on the mortgage with me but we may have problems as the IVA stays on his credit history for 6 years. Any help?

happybroker

what sort of mortgage balance are we looking at, what is your current income and what is the value of the house?

if things are as they are now then it is very unlikely your partner will be granted a mortgage if the IVA has only been completed a couple of months.

_Andy_

You could always stay with your existing lender - they won't need to re-undewrite your mortgage again so the income shouldn't be an issue.

clarebear2008

hi thank you for your replies.
I was wanting to stay with the same lender anyway so would they need to look at my income if I have already been granted the mortgage 2 years ago? The house was 77k when we bought it and our mortgage was for 75k 2 years ago. I'm paying a repayment each month and my income has dropped to only 14k with going part time. Do you need any more info? help appreciated

_Andy_

Hi

No they wouldn't need to look at your income again. They'd only do this if you wanted to borrow more.

Gloster_Advise

As Andy said converting to a new product wouldn't require any further income/credit verification. Borrowing more, you may have a problem depending on the amount you wish to borrow.

clarebear2008

thank you all for your replies you've put my mind at ease. Would you be able to give me some advice nearer the time to renewal?