Remortgaging with sick pay? Advice please.

mfwb

Hi, I hope someone can help as I'm really worried.

Currently, I'm off work as I'm being treated for a serious illness. I'm receiving full pay but this drops to half pay from August. I'll be back at work as soon as I've finished my treatment in August/September.

I have a tracker deal that ends in November. I need to remortgage as my payments on the SVR will be higher.

My concern is that I'll be penalised when applying for a new deal because my payslips will show sick pay and potentially a couple of months at half pay.

Should I contact my current provider (or new provider) and try to arrange a new deal now while I'm still receiving full pay? Will they ask for payslips and query the sick pay and think I'm never going back to work? I've been checking the best buy tables and their deals aren't very competitive though. If I wait until nearer November will they/new lender reject me due to sick & lower pay on my payslips even though I'll be back at work? Does the fact that I'm off work mean that I can't move to another provider with a better deal?

Also, I'm not sure if I need to notify my life insurance provider as, although it's a life threatening illness, I should be fine when the doctors have finished nuking me.

Many thanks for any help and advice given. I need to keep my life as stress free as possible and this is not helping! Ideally I'd like to arrange a better deal with another provider now.

amnblog

Your current provider is likely to offer you a new rate without checking your current income (provided everything has been paid in full and on time). If your deal ends in November they will probably write to you next month, but you could call them now anyway. Just ask them about available rates from December 2013.

MarkBargain

I switched mortgage product mid-deal with Nationwide and they didn't ask anything about my job or do a credit check.

mfwb

Thanks for your replies. I rang my current provider (Santander) and they can switch over the phone, no paperwork. Their rates aren't very competitive but I'll just have to suck it up for the next couple of years. At least my payments won't change by much.