Help with my mortgage?! Clueless

Faceless

Hi,

Im a first time buyer, me and my partner have had our mortgage for 2 years with Halifax. We have just come to the end of our fixed rate and wanted to re fix our mortgage for another 4 years.

The problem is since we took our mortgage out I have had to go part time. Which is fine as we had savings and our mortgage payments are at a good price for us (which is why we are happy to fix it) so payments and living costs havent been a problem.

Am I supposed to make halifax aware of my change in work situation if i go ahead with re fixing my mortgage? is it classed as re mortgaging? No one from halifax has asked me if any changes have occured and offered me a refix deal but the paperwork they sent said I'm giving them permission to contact HMRC and credit check me which will show i'm only part time?

Some advice please? Im worried if I tell them it will effect my current mortgage? Can they withdraw our mortgage?

We have enough money between us to pay all our living costs and mortgage etc. I just thought (stupidly) that re fixing was a case of clicking a button as the refix payments are the same as what we are paying now, I didnt realise we'd have to be re checked all over again? I'm not sure if on paper we will look acceptable to halifax.

Oh.. and if we just leave it variable for a couple of months until I find full time work do you think the the intrest rates will go up? (I know your not mystic meg, but you may know sometime I dont )

Thanks

Paully232000

I think you may have to give a bit more information as to facts and figures of your house value, remaining mortgage, salary for all and outgoings for people to be able to help you with remortgaging.

Faceless

Better add.. My partner works full time and job is completely secure. We have a couple of credit cards with small balances on. His wage covers our living costs on its own. But my small contribution just allows us to be able to afford any extra comforts etc

amnblog

Halifax will allow you to switch to a new product when your current one expires without further underwriting or questions about your situation.

(assuming the account has been paid in full and on time every month)

afly

Faceless wrote: »

Hi,

Some advice please? Im worried if I tell them it will effect my current mortgage? Can they withdraw our mortgage?

Nope although you will be stuck on the variable rate.

Faceless wrote: »

Oh.. and if we just leave it variable for a couple of months until I find full time work do you think the the intrest rates will go up? (I know your not mystic meg, but you may know sometime I dont )

No one can say at the moment, the governor said rates will not go up until employment falls but with the housing market showing an upturn some are wondering if they really will hold it

holly_hobby

If you are not increasing your borrowing, then there won't be any further status checks reqd (ie income verification/credit scoring etc), on a simple product switch.

NB - The only other point to note is if your mortgage is currently on an Interest Only basis, and you want to effect a product switch, Halifax will require you to complete a declaration of intent (re confirming your mortgage repayment vehicle(s) ).

Hope this helps

Holly