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Remortgage anxiety
emad_3
Posts: 8 Forumite
We hae a mortgage of 75/80percent of LTV of property (approx 250,000).
Since we took the mortgage out 4 years ago we have never had a difficulty making a payment.
However, my partner was made redundant a year ago and our current fixed rate with the Abbey/Santander is up in Feb.
If we remortgage with the Abbey/Santander and NOT just go onto standard variable rate, what do you think they will want to know about our income. Will they ask about this or not?
Many Thanks
Since we took the mortgage out 4 years ago we have never had a difficulty making a payment.
However, my partner was made redundant a year ago and our current fixed rate with the Abbey/Santander is up in Feb.
If we remortgage with the Abbey/Santander and NOT just go onto standard variable rate, what do you think they will want to know about our income. Will they ask about this or not?
Many Thanks
0
Comments
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If you stay with Abbey they won't check income unless you wish to borrow more or are having payment difficulties.
It might be better to go on to their SVR, to allow you to shop the market without ERC when the employment position improves.0 -
You'll probably find that the SVR is lower than the fixed rate you are currently on anyway.
I hope your employment situation improves before the rates start to increase!I am an IFA & Mortgage Broker
You 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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