Going Part Time at work & remortgaging

Angel9876

Hi

I want to go part time and work have said I can, but I need to confirm this soon. I'm currently on maternity leave.

I've tried to look at this from every angle, and whilst I know that we can afford the mortgage on my husbands wage on a monthly basis, we are due to remortgage next year and last time they granted the mortgage it was based on both of our full time wages.

Do any of you know whether it is likely that we will be turned down based on the fact that my wages will go down?

opinions4u

How much do you owe?
What's the property worth?
What will your incomes be?
What other credit do you have?

Angel9876

Hi, thanks for replying.
Property remortgaged last year at 250k
we owe 187k on that.
We have £8k cc debt (to buy car - that will have gone down somewhat by then though, hopefully)
Mortgage fixed rate deal ends next aug.
DH salary £30k, mine is £24k pro rata, but i'll be going down to 2.5 days per week.

dimbo61

What does your current deal revert to at the end of the fix?
read the paperwork carefully as its maybe 2/3 years old !
Is it the lenders SVR or some form of tracker deal ?
Might be difficult to remortgage to a different lender BUT your existing lender might have a deal you can transfer onto or stay on the "follow on rate" whatever that may be

_Andy_

Angel9876 wrote: »

Hi

I want to go part time and work have said I can, but I need to confirm this soon. I'm currently on maternity leave.

I've tried to look at this from every angle, and whilst I know that we can afford the mortgage on my husbands wage on a monthly basis, we are due to remortgage next year and last time they granted the mortgage it was based on both of our full time wages.

Do any of you know whether it is likely that we will be turned down based on the fact that my wages will go down?

If you're staying with your current lender it won't matter at all.
if you're changing lender then income will be looked at.

Wh05apk

Looking at your figures, you could be a bit tight, your joint income then will be £42k (on todays figures) less say £2k for loan repays, is £40k, so you will need 4.5x+ if you have dependents then this may struggle to fit lenders affordability, although any tax credits or Child benefit may help, ultimately you have to do what is right overall, you can't rule your life now, because of a potential remortgage next year, it may be you will have to stay with your existing lender for another couple of years.