Remortgaging question..

LA83

My 5 yr fixed rate runs out in a years time, So i will be looking to remortgage for a similar deal again. the only problem now is that my partner has left work to stay at home and raise our child.. therefore we will be minus the 15k year salary she earned.

How will this effect my remortgaging options? Surely this is something common. I would like to still get a decent deal but I'm worried that our current situation is likely to make a better deal harder to find.

Any help appreciated.

_Andy_

If you're staying with your current lender it won't affect things at all.
If you want to change lenders it could - if you post your income and also the mortgage amount we can have a look.

Cannon_Fodder

To what degree did you 'need' her income in the first place?

Not everyone went for 3x joint. And depending on your income, you going 'alone' for 4x could be the same difference.

Any figures? Original price/deposit/mortgage remaining by next year/your salary/quality of credit history/SVR you will drop onto...

LA83

my income is 23400 a year. i think my original mortgage amount was about 144500 at 5.09% fixed for 5 years over a 25 yr term. I pay 856 a month. Not sure what the final amount left will be after the five years.

_Andy_

Based on just your sole income you won't be able to change lenders.
Not a problem though, just means you will be restricted to what your current lender will offer in terms of rates.

LA83

Thanks for your replies. What sort of income should i be looking for to open my options?

Cannon_Fodder

Assuming a repayment mortgage, your balance be a little over 128k (http://www.mortgages-loans-uk.co.uk/information/mortgage-amortisation-calculator.htm) at the end of 5 years.

Being over 5x your income, I think you'd struggle to re-mortgage elsewhere, and need perfect credit history.

As Andy says, stick with the current lenders offerings.