Reassement of mortgage amount when moving house

spiller1960

Hi all

Newbie here, please go gentle on me :beer:

We have a pretty good mortgage product (that we'd like to keep) and we're looking to move house. Since we took out the mortgage our circumstances have changed quite a lot, I was wondering if our mortgage company would reassess the lending amount (asking for our current household incomes etc) if we moved house and stayed with them for the mortgage?

As we have less income I don't want to contact them to ask just yet!

Soot2006

You'd be applying for a new mortgage (even if "porting" your current rate agreement) so I would think they need to check eligibility.

kingstreet

You are making a new application for a new mortgage. If it's granted, you may be able to "port" the rate the the first part of the new mortgage with any increased borrowing being given on your choice of the lender's current products for your loan to value band.

Your credit history, income and affordability will be reassessed.

spiller1960

Thanks for your replies.

We're in a tricky situation - we got the mortgage when my wife was working. We now have 3 kids, and my wife isn't working so our income is probably half what it was when we applied for the mortgage. However we have never missed a payment and can still afford the mortgage, but if I alert our providers of the current situation, can they withdraw our current mortgage or anything like that?

Yorkie1

No, they can't withdraw your current product if you keep paying.

It's only if you apply for a new product etc that they will reassess your affordability because that is treated as a new application.