Remortgage and prove income

kianryan2010

My fix Mortgage will finish in Nov 2010 and I spoke with them yesterday and I been told only they can offer me 5.5 % Interest only.
I was thinking to change my lender to other bank.
My Q is:
Do I need to prove my income to new lender.
I never miss payment in my mortgage and other bills.
My income at the moment in 40000 PY before tax and I own to the bank 230000.As far as I know with this amount of income I am not able to having mortgage from other bank with this income but I never miss any payment and I have great Credit score.
I just wandering if any one had experience recently with this problem, share it with me.
I hope I can find lender just rely on my credit score.
Thx

Senior_Paper_Monitor

Yes you will be completely underwritten on any new deal (with your bank or another) and this will include proof of income and affordability calculation in addition to credit score (no lender loans on the basis of score only) etc.

You can stay with current lender/deal as long as you are paying the mortgage.

Who are you with / what is their SVR ?

beecher2

Any lender would need proof of income, and 5.75 times income seems very unlikely to achieve. You're stuck with you present lender - is 5.5% a fixed rate or variable?

kianryan2010

Thx for your reply
is 5.5% a fixed rate or variable? variable
what is their SVR ?
I dont know what is that means SVR.
Thx

Senior_Paper_Monitor

OK - clear now.

Your deal runs out and they not offering you a new one - they are putting uou on their SVR (which is variable) of 5.5%.

As pe my post #2 and Mr Beecher's comment, you are most unlikley to get anything to replace that in the current market.

beecher2

ms beecher

You need a plan of action for when interest rates go up as every 0.5% increase will add about £100 to your monthly payment.

kianryan2010

Thx to all reply.