Bit of advice please!!

rchlbentley

Ok my current fixed rate mortgage ends in aug so am looking to swap.

Thing is i lost my job (not high income about 3.5k pa) so i am now terrified that i wont get a new mortgage cos they base it on your combined income dont they??

I am looking to maybe sell, if i sold i would clear 65k and would need a mortgage of 80k to buy the new house (23k more than my current mortgage and still affordable to us) but i dont think the banks will accept us cos im out of employment iykwim???

Based on DH income alone i know we wouldn`t be accepted but i have never missed a mortgage payment and the new mortgage is still affordable so is there anyone lender that is likely to benefit us.
We are currently with natwest

luckyfool

How much does your partner earn? How much do you receive between you in tax credits and child benefit (if any)?

Unfortunately for you, lenders are no longer in a position where they are willing to accept "trust me, I can afford the mortgage" as a demonstration that a mortgage is affordable to you.

rchlbentley

earnings **
TC **
and i am actively seeking employment, but then i fear if i do find a job soon i will have to wait 3 months before i have 3 mths back dated payslips

luckyfool

If you were just looking for another deal on your current property then Natwest should offer you some options without having to switch lenders, in that case you would not need to prove income so it would not be an issue.

On what basis do you believe that an £80k mortgage would be affordable to you? Is that by taking it on a low rate tracker on interest only . . .?

rchlbentley

I have a 60k mortgage now fixed at nearly 6%
looking briefly at mortgage calculators an 80k mortgage is only £50 more a month on repayment (i think lol)

edit 80k over 30 yrs repayment = £405 (based on 4.5%)

I currently pay £360 now on a 60k at 32yrs repayment based on nearly 6%