mortgage help advice please!!!

juniperberry

hope someone can give me some advice

my husband and i are currently on a fixed rate mortgage deal ending 2010
our circumstances have changed a lot since we took out the mortgage as we are both for the short term out of work

husband currently doing postgrad at uni (hence no wage) and i am on maternity allowance

does anyone know if we could move home to a cheaper property and keep the 5 year fixed rate deal we are on ?
if we switched out mortgage to a new house, would we have to say we arent working ?

any suggestions would be great....
we envisage to be employed soon but are anxious to move sooner rather than later
thanks

koexelek

Although technically you could port the fixed rate to another property, in reality the lender will need to fully underwrite a new case as if it were a whole new loan.
The fact that you have little earned income means that it is highlu unlikely they would lend you what you need.

You would be best to try to keep paying the mortgage if you can, then look at moving when your incomes increase

opinions4u

Sorry.

You're not moving!

Tim_Parker

I would talk to your mortgage company - say your looking to downsize.

If your not defaulting at the moment, I would think they would possibly consider it.

Worst case would be they would say no we wont offer you a new mortgage and you will have to just stay put.

You should be able to get a mortgage in principle agreed before finding a place to move to I believe.

What do you have to loose asking?

Ian_Griffiths_Halifax

juniperberry wrote: »

hope someone can give me some advice

my husband and i are currently on a fixed rate mortgage deal ending 2010
our circumstances have changed a lot since we took out the mortgage as we are both for the short term out of work

husband currently doing postgrad at uni (hence no wage) and i am on maternity allowance

does anyone know if we could move home to a cheaper property and keep the 5 year fixed rate deal we are on ?
if we switched out mortgage to a new house, would we have to say we arent working ?

any suggestions would be great....
we envisage to be employed soon but are anxious to move sooner rather than later
thanks

I assume from that, that you don't have jobs but you think you'll be working soon. Bbut do you have any definite job offers?

If you have jobs to go to but haven't started yet, then it may be possible to move but you'll need an understanding lender.

If you've no jobs in the pipeline then you won't be able to move.

Who are you with just now?

iwannavr

Theres is no such thing as an understanding lender to be honest, not when underwriting applications for porting. They need firm evidence of wages no matter what, therefore, you wouldnt get anywhere by applying in your current status.

This would not even be done as a TCF decision, because the lender has to ensure affordability of the property.

Sorry for the bad news

dwsjarcmcd

You say you are on maternity 'allowance'. Does this mean maternity leave i.e. you do have a job to go back to? If so, when do you expect to return and would this income support a lower mortgage? In other words how much do you earn and how much do you want to borrow?

If it's not income, then you need to stay put I'm afraid.

Ian_Griffiths_Halifax

iwannavr wrote: »

Theres is no such thing as an understanding lender to be honest, not when underwriting applications for porting. They need firm evidence of wages no matter what, therefore, you wouldnt get anywhere by applying in your current status.

This would not even be done as a TCF decision, because the lender has to ensure affordability of the property.

Sorry for the bad news

I didn't say it would have to be the existing lender, that was two different paragraphs.

I have done mortgages for people with no jobs but firm job offers, so please don't put your opinion to the OP as Fact unless you know it to be so.

juniperberry

thanks ever so much for the replies

unfortunately both my husband and i lost our jobs in feb this year (company restructure)!!

i am on mat allowance from the govt

Jobs on the horizon but no definite job offers

times are tough at the mo...might have to just stay put and ride this out for a while...i asked the question as i hate seeing my husband stressed about money and i thought if we could downsize and have a more manageable mortgage then maybe it would take the pressure off a bit....oh well

i appreciate all the responses

juniper

firesidemaid

i take it you are getting all the benefits you are entitled to? check www.entitledto.co.uk just to make sure.

have you reduced all your outgoings as much as possible - ?done or posted an soa

have you thought about going interest-only until you have more money coming in?

good luck x

juniperberry

ARGH u have said the dreaded word.....BENEFITS!! what a nightmare...i am still not sure exactly but we are fine at the mo!

oh i never thought of interest only,can u do that?? thats a great idea...do u think the bank would just switch us over for a while?? no questions about income?

thanks so much

Juniper x :j