remortgage with lower wage

hampshirebabe

We're thinking of re mortgaging next year, our home is worth about 120,000 and we owe about 60,000 but our income has gone down a lot, I'm having a year off with our kids and DH's salary has gone down to about £20000 in a new job. Would we get a mortgage on just his and if we wait a bit longer till I'm back at work, I'm a self employed driving instructor, I'd have no last years income to compare it with, would that help anyway?

getmore4less

Why are thinking of remortgaging?

Whats the current deal?

hampshirebabe

Our current deal runs out next year, it was a fixed rate, I cant remember what it was, but it was good. Although it reverts to the normal rate which at the moment is lower than ours, you just cant know how long it will stay low. We're also thinking possibly of moving to a cheaper area for a bigger house with only a bit bigger mortgage.

getmore4less

You might be better considering porting with a top up.

Get familiar with your current deal, it is the basis for any change.