Joint remortgage - one person on a fixed term contract and has a CCJ

Supertoad123

Hi

My girlfriend and I are looking at remortgaging in about 8 months (August 2013).

When we first got our mortgage we were both in permanent employement. I am considering entering into a fixed term (12 months) contract of employement (start in January 2013). We are concerned that when we come to remortgage in August 2013 we will struggle to find a decent mortgage.

I have a CCJ, which had a big impact on the available mortgages when we first applied. I'm worried that if i accept the fixed term contract we will find we have even less options when we come to remortgage.

We are looking to borrow 159,000. The property is valued at approx £190,000.

My girlfriend is on £34,500 and I will be on £24,500.

Any advice on the likely impacts on remortgaging if I were to move from a permanent post to a fixed term contract would be much appreciated.

Thanks

dimbo61

You already have a mortgage ? YES then what does this mortgage revert to when the current deal finishes?
If you can't remortgage then you will simply drop onto the follow on rate what ever that might be.

kingstreet

You will have the follow-on rate, as dimbo has mentioned and your credit history and contracts situation should have no bearing on the customer retention products your current lender will offer you.

A remortgage may be problematic, for both the CCJ and contract reasons mentioned. The other may be loan to value. Homeowners have a nasty nack of overvaluing their homes. If the 83% you currently estimate ends up at 90%+ because the surveyor values the property at £176k or less, your remortgage options will be non-existent.

Sorry.