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Decreasing income post MMR?
ChopperST
Posts: 1,260 Forumite
Currently I work 3 jobs and I am considering giving up one to have more time at home.
I have run our figures through various of the big lenders and without that income the estimate loan available is well over what we need.
More than likely when our fixed rate is up we will look to stay with our current lender on a retention product. We have been through a pre MMR process (last mortgage was May 2013). When our fixed term is up would we have to go through a new application with our existing lender or would they simply offer us a new deal? i.e. if you have had a mortgage under the old system will you have to go through a new post MMR application with the new rules etc?
Thanks in anticipation.
I have run our figures through various of the big lenders and without that income the estimate loan available is well over what we need.
More than likely when our fixed rate is up we will look to stay with our current lender on a retention product. We have been through a pre MMR process (last mortgage was May 2013). When our fixed term is up would we have to go through a new application with our existing lender or would they simply offer us a new deal? i.e. if you have had a mortgage under the old system will you have to go through a new post MMR application with the new rules etc?
Thanks in anticipation.
0
Comments
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Depends on how your lender will have set their rules at the time.
The FCA gave lenders latitude to do product switches without underwriting. Some of them seem to prefer to 're-underwrite'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Some lenders are undertaking credit status enquiries prior to making new product offers.0
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Thanks for the replies, food for thought.0
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