Fixed rate ending and income now less

mpazza

I had a fixed rate with C&G which was based on 4 times my income and ends end of Feb.
I have reduced my hours to 3.5 days a week since I started the mortgage as my partner is studying so I look after the kids for 1.5 days.


I will be full time again in September.
My wife now works part tme, her salary is £6000, she didnt work when we took out the mortgage.

Current mortgage £140,000
House worth £220,000 ish
Would like to borrow £165,000 to pay off debts

7 Years with C&G and 20 years banking with Lloyds TSB hopefully may help
Excellent credit history

Will I be able to take a new deal at a better rate on this lower income or have to stay on the variable rate?
Any chance of borrowing an additional £25K to pay off credit cards?

herbiesjp

If you ask C&G for a new deal they will not normally ask for proof on income.

If after seeing what C&G will offer you want to leave them, you will need to provide proof of income, and meet the income multiples/affordability calculator of the new lender.

You have not put your income figures so difficult to say

mpazza

herbiesjp wrote:

If you ask C&G for a new deal they will not normally ask for proof on income.

If after seeing what C&G will offer you want to leave them, you will need to provide proof of income, and meet the income multiples/affordability calculator of the new lender.

You have not put your income figures so difficult to say

Thanks herbiesjp

24000 on my reduced hours was 35000