Remortgaging question

John424

Hi,

My mortgage is currently £202k, house worth £300k, orig. mortgage £245k 5 years ago.. My wife earns £32k per annum plus £5ish bonus. I earn on average about £50k per year. I want to shop around for a better mortgage but as I temp workwise for different companies my job record stands against me, my wife however has been in her job 7 years. I am wondering if we would be better off stating her as the first earner rather than me or is her salary/mortgage ratio still not low enough yet?

John

Let_Us_See

It would make no difference. Your wife's salary could not support the mortgage and therefore your income is required, and the assesment of your income will be the same as first or second applicant.

Are you self-employed or PAYE with the various companies?

kingstreet

Ask your current lender what customer retention products it has for borrowers like you whose deal has come to an end.

What's the follow-on rate for your current mortgage?

John424

Halifax 3.5% fix for two years no fee currently, thinking of swallowing the medicine and eating beans for 2 years saving like mad to get to 60% LTV, seems to be a milestone threshhold for borrowers.

Thrugelmir

A permanent job is more important than the LTV.

With £200k plus of debt. I would prioritise repayment. As any upward movement in interest rates would be painful.

A few months of frugal living should make a sizable dent.

John424

Interest rate movements would not be painful, kids almost out of private nurseries into the state system so you can't believe how much that'll save!