Remortgaing but may not have a job

dixie_dean_2

Hi

My fiance and I are going travelling for 2 months in July and August. I am planning on quitting my job and living off matched betting when I get back till I get a new job. Our current 2 year discount period ends at the end of september and I'm not sure what the best thing to do is. There are 2 issues - first, how long before the deal runs out should I start looking into a new mortgage and will this be difficult to do from abroard and second, if I'm unemployed when trying to get a new deal will this make getting a mortgage difficult. I'm fairly sure my current employer will have me back but can't be certain. We have a £110k interest only mortgage at the moment on which we had a £37.5k deposit. The house has now go up to be worth about £180,000 and my girlfriend will start a job as a teacher in september on about £20k. Not sure what other info may be needed to help but any advice/ideas will be greatly appreciated. I've considered sticking with the existing lender and seeing what they can offer as I guess they may not enquire about financial cicumstances and also, as a worst case scenario having a month or so when we get back on their SVR whilst I look round for both a new job and a new mortgage.

Cheers again.

dixie_dean_2

Anyone got any ideas?

JoeK_3

dixie_dean wrote: »

Hi

My fiance and I are going travelling for 2 months in July and August. I am planning on quitting my job and living off matched betting when I get back till I get a new job.

What does matched betting mean?

dixie_dean wrote: »

Our current 2 year discount period ends at the end of september and I'm not sure what the best thing to do is.

Don't do anything to rock the boat!

dixie_dean wrote: »

There are 2 issues - first, how long before the deal runs out should I start looking into a new mortgage and will this be difficult to do from abroard and second, if I'm unemployed when trying to get a new deal will this make getting a mortgage difficult.

Don't do anything until you have stability

dixie_dean wrote: »

I'm fairly sure my current employer will have me back but can't be certain.

Don't do anything until you find new work

dixie_dean wrote: »

We have a £110k interest only mortgage at the moment on which we had a £37.5k deposit. The house has now go up to be worth about £180,000 and my girlfriend will start a job as a teacher in september on about £20k.

Could you manage on just one income?

dixie_dean wrote: »

Not sure what other info may be needed to help but any advice/ideas will be greatly appreciated. I've considered sticking with the existing lender and seeing what they can offer as I guess they may not enquire about financial cicumstances and also, as a worst case scenario having a month or so when we get back on their SVR whilst I look round for both a new job and a new mortgage.

Cheers again.

Stay where you are until you have some stability, whew!!!!

JoeK

dixie_dean_2

Matched betting is a system of extracting money from free bet offers made by bookmakers(see the erroneously titled gambling board for more info). I can make £400 pm easily from this, which, with my fiance's income and my saving will be fine for a few months. What you are saying is do nothing but I'm not sure you understand what I'm asking. As I understand your advice, to do nothing would be to go on to the SVR but surely this isn't a good idea?

Thanks though.

JoeK_3

dixie_dean wrote: »

Matched betting is a system of extracting money from free bet offers made by bookmakers(see the erroneously titled gambling board for more info). I can make £400 pm easily from this, which, with my fiance's income and my saving will be fine for a few months. What you are saying is do nothing but I'm not sure you understand what I'm asking. As I understand your advice, to do nothing would be to go on to the SVR but surely this isn't a good idea?

Thanks though.

It is the only thing that you could do whilst you are not in work.

JoeK

dixie_dean_2

Really? So even with, in effect, a £70k deposit and £20k income we wouldn't be able to get a better deal?

JoeK_3

dixie_dean wrote: »

Really? So even with, in effect, a £70k deposit and £20k income we wouldn't be able to get a better deal?

This would all depend on when you are going to work again, as you partner's income means a 5.5 x income remortgage.

Whilst this is still possible, it restricts things somewhat.

Hence, wait until you are working again!

JoeK

dixie_dean_2

So you think wait till we get back, 28 days before the 2 yr period finishes, start a job around that 28 day period and then look around? How long is it likley to take from getting a job to being able to get a new mortgage to start?

JoeK_3

dixie_dean wrote: »

So you think wait till we get back, 28 days before the 2 yr period finishes, start a job around that 28 day period and then look around? How long is it likley to take from getting a job to being able to get a new mortgage to start?

It depends on the lender but you should have no problems in my opinion.

Your greatest problem would have been affordability on one wage!

JoeK

dixie_dean_2

Cool, thanks for the help. I think it might be best to leave it until I get back, maybe have a month or 2 on SVR whilst I get a job and then get a better deal. Hopefully by then (Oct/Nov) interest rates might have come back down. Am I right in thinking that a lender offering 5.5 times income will not give as good a deal as we coyld get if I was earning as well (sorry id thats a really obvious question)

JoeK_3

Having more income will give you a greater choice of lenders and as a consequence a better choice of intersat rates, etc.

JoeK