Need to rob the bank

strictwithmoney

JasX wrote: »

what rate will you move onto after the fixed period ends? personally I'm desperate for my fix to end early next year to come off my 4.xx& fix and get onto the 2.5% SVR for a year or two

We wanted to move to the same SVR next year. Good luck with your mortgage search:beer:

£120k will be less than 3x DH's annual salary, exclude bonus. DH is a software engineer, no commission for this job.

dwsjarcmcd

Is this not just the end of your fixed rate? If it is the case you'd just go onto their SVR and you need do nothing. Am I missing something here?

If I'm right, then let your whole £158k loan go onto SVR and then repay the £38k to avoid repayment charges.

strictwithmoney

_Andy_ wrote: »

Do you have high credit outgoings (loans, CCs, HP etc) - only thing I can think of is that you didn't meet affordability criteria.

No personal loan
No HP - we pay cash for our car
We have overdraft limit of £1.5k that we never use
We have credit card limit of £10k, we just use £2k (our one and only debt)

.......... may be, HSBC criteria is less than 2x annual salary, as dunstonh mentioned.

dunstonh

may be, HSBC criteria is less than 2x annual salary, as dunstonh mentioned.

Sorry, that was a typo. I meant 3x but pressed 2 by mistake. ie, 3x £42k = £126,000. So, less than 3x. However, that is still within tolerance using the old fashioned income multiplier. Is your mortgage term left quite short? It may be that the monthly payment is affecting the affordability which is where many lenders now look at it rather than the old income multiplier?

strictwithmoney

dunstonh wrote: »

.............Is your mortgage term left quite short? It may be that the monthly payment is affecting the affordability which is where many lenders now look at it rather than the old income multiplier?

We are looking for 15 yrs repayment term.

ILW

As said before, I cannot see why you wish to remortgage. What would be the advantage?

strictwithmoney

ILW wrote: »

As said before, I cannot see why you wish to remortgage. What would be the advantage?

Our fix deal will be expiring in 6 mths time, we just want to look at other options available in the market.

So that we could decide whether to fix it again or let it go to SVR with current mortgage company.

I now know that banks are switching their approach from old fashioned salary multiplier to affordability ...... you never ask and you never know:cool: