2 year fixed coming to end

cirichar

Hello, I am after some wise words from those who know more about mortgages than me! I find it all very confusing.

In Sept 2010 my husband and I took out a joint mortgage on a house (we were first time buyers). Purchase price £195000, the remainder now is about £150000 on a 2 year fixed rate of 4.94%. Since then we have had one child and have another due at the end of the year. The mortgage was based on our joint income; now only my husband brings in a wage, as I look after our little girl. Will this drastically affect our chances at getting a good remortgage rate? Will the lender require all our income info again (eg like when we first took out the mortgage)? Or if we stick with our current lender (Nationwide) will they use our previous info? I'm sure these are very naive questions, but I really am not sure of the answers. If it helps, we are able to pay the mortgage on my husband's salary and haven't missed any payments/been in arrears or anything.

Thanks in advance for taking the time to read.

Dave_Ham

Ask Nationwide what rates they will offer you, as they will not request anything.

Given what you have said and Nationwide typically being competitive, then this looks on the face of it the best solution..

You will not get more than 5 times OH salary for a new mortgage deal with another lender for information.


Good luck

Gary123456790

Hi,

I have remortgaged recently with my wife having just finished her maternity period and deciding not to go back to work, so now being on 1 salary instead of 2 just like you.

I stayed with the same lender as it would be much more tricky to pass the affordability criteria with another lender (it would have been possible but not straightforward). My current lender did not require payslips, etc, they just changed the deal.

As long as your payment history is OK, your current lender should let you remortgage with them. Hopefully they have some reasonable deals - ours was Santander and our LTV is low (~40%) and we ended up on 2 years with no fee at 3.49%.

Hope that helps.

Gary.

cirichar

Thank you both for getting back to me so swiftly. That takes a lot of pressure off. I was starting to worry whether anywhere would give us a deal, so very happy to stay with Nationwide! Also good to hear of someone else in a similar situation. Cheers guys

poppy_f1

i've just refixed a new 2 year deal with nationwide and they didnt ask for any extra info - done it online took 2 mins