Morgage help please

jamie1972

Hi Guys, Really could do with some help, My fixed rate with santander is about to end, they are offering me a new deal at 4.99 my current rate is 3.99 - My problem is that since we took out the morgage both me and my wife have been made reduntant and started new jobs, my wifes being only part time - They are ready to roll on to the new deal with out any checks, We owe around 150,000 on the morgage at the moment and our income is around 40,000 k per year, any help or ideas would be great- thanks jamie

_Andy_

Hi

Not sure what advice you're after- is it whether to take the new fixed rate or stay on the variable?

mij544

Hi,
as long as you are not on probation, a lot of lender will look at months in continuous employment and a small gap isn't going to worry them to much.

You don't state how long the fixed rate offered by Santander is for, (I am assuming 2-3 years by the rate) but you can find better out there, even allowing for an application fee.

If you want to let me know more details of the deal offered (ie, length of fixed rate, fees etc) as well as the total term of the mortgage I can have a quick look on Trigold and see what else is out there.

hope this helps,

Mike

I

jamie1972

will anybody else be willing to better that deal , with our income and circumstances

Jamie

mij544

Further to my above message, if you want me to have a quick look I will need a realistic idea of the property value as well

jamie1972

The house is valued aroung 200,000

Jamie

mij544

Providing the income stacks up at 5x as per my message, Woolwich have a 2yr fixed at 3.47% with a £999 fee, which added to the loan would be around £753 a month.

jamie1972

Hi Mike

Yes thought that would be the issue, My income is around 24,000 and the wifes 16,000 - the house is worth 200,000

Jamie

jamie1972

thanks for your help mike, Looks like i am stuck !!

mij544

Most lenders like 3 years accounts, there are deal out there on 1 year but as you suspected your choices are limited until then.

There are some lenders who would consider you , Saffron Walden b/s being one with a 3.99% (£995 fee).

One question I would ask though, I did do a case a while back for someone who was employed for 5 yrs, but then carried on in the same job in the same firm but on a contracted self employed basis.

Basically the only change was they had to send an invoice before they received their wages.

If this is the case you might be able to appeal to a sensible underwriter, but if not I suspect you might want to go with the Abbey deal, at least this time until you wife has a few years accounts.

Hope this helps,

Mike

jamie1972

Hi Mike

It is kind of the same situation, My wife worked teaching hairdressing in a college, they closed the teaching salon down, but my wife took it on and now runs it as a business ,

Jamie