fixed rate ending, what to do.

madlyn

i have a 2 year fixed rate that ends in a couple of weeks.
i've had a letter from my lender saying what my new payments will be, and providing interest rates stay the same i'll be around £25 a month better off.

but there are a couple of things i'm unsure of should i decide to go for a new fixed rate
1- do i just go back to the mortgage broker i dealt with before and let them do all thew work?

2- i lost my job last towards the back end of last year, i started a new one at the start of this year, but i'm earning less than i was before. will this be a problem as i dont have any wages slips to show?

Yorkie1

I think that many lenders will be reluctant to offer you a mortgage without several months' payslips (usually 3) and until you're out of a probationary period at work (if relevant).

If your mortgage broker is independent / whole-of-market, by all means go back and see what products might be available to you on your revised income but be prepared for the comment that you may not be able to apply for them until you've got a couple more months' pay under your belt.

Whether or not your income has dropped sufficiently to prevent you getting a new mortgage can't be answered with the limited info you've given. It will depend on your income, amount of mortgage sought, value of house, whether you have any other credit commitments (e.g. outstanding credit card, loans), any dependents you may have etc.

dimbo61

Have a look on your current lenders website at deals they are offering to existing customers with your LTV