end of fixed term - best option?

cupid_s

Hi all. I'd appreciate you advice. We have a three year fixed rate mortgage which ends in July. Then we'll be paying the variable rate of ridiculous % :rolleyes:

We'd like to remortgage but we are both students. We get paid plenty enough to pay our mortgage from our studentships but I know most places only count earned income from a job.

Our PhD funding runs out in about november, at which time my husband will take up a position which has been written for him so there wont be any time at all when we have no money coming in. DH will be earning about the same as what we pick up between us currently and more than enough to pay our current mortgage. The new mortgage we will need will account for less than 50% of the property value.

Is it worth trying to find someone who'll give us a mortgage or just paying the variable rate for 6 months or so until DH is settled in his job and trying to get the best rate then?

herbiesjp

YOur current lender should be able to offer you other deals apart the their varaible rate.

HTH

MortgageMamma

I agree with herbiesjp the best place to start looking is with your current lender

geralddlp

There is no harm asking your current provider, but I would look also, either for independent deals, or through a broker. My business partner and I sometimes have problems with our respective mortgages, I've been through getting accounts or letters from accountants as proof of earnings.

He swears by just self certing, he doesn't seem to get a significantly worse deal, and gets a 2 or 3 year discount, and moves at the end of that.

The only reasons it would be worth waiting are if either you feel you would get a significantly better deal later, or it would be a problem to get a mortgage now,
I personally doubt that either are the case,

good luck and post again if you have problems finding something suitable,

G