Remortgage advice

tink_1983

I hope this is the right thread.

I'll be out of my 2yr fixed rate next January.

However I'll be on maternity leave when the rate ends. Plus I got the mortgage when I was full time, I now work part time.

How will the remortgage work? Will they transfer me to variable automatically ? As presuming I won't be eligible for fixed rates as my salary lower than when I got the mortgage?

We with Halifax. Just me on the mortgage. Salary about £8k less than when I first got the mortgage.

We have the option to try and add my husband to mortgage, but his credit not the best so may not be option.

I know I need to wait till January to find out what Halifax say, but my worrying pregnant head wanted some advice.

Thanks

katsu

There isn't a remortgage. You automatically drop to their standard variable unless you decide to apply for a new mortgage , for which you would need to pass the eligibility requirements.

tink_1983

katsu wrote: »

There isn't a remortgage. You automatically drop to their standard variable unless you decide to apply for a new mortgage , for which you would need to pass the eligibility requirements.

Okay that makes sense. Thankyou

kingstreet

A remortgage is a new mortgage from a new lender to repay the old one.

If all you want is a new rate for your existing mortgage, you ask your current lender for a customer retention product, or a Product Transfer in Halifax jargon.

If you do it online, you are outside the advice process and avoid any further questions about affordability;-

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

If you do nothing, your mortgage will revert to the follow-on rate from when you applied, normally the standard variable rate which is currently 3.99%.

tink_1983

kingstreet wrote: »

A remortgage is a new mortgage from a new lender to repay the old one.

If all you want is a new rate for your existing mortgage, you ask your current lender for a customer retention product, or a Product Transfer in Halifax jargon.

If you do it online, you are outside the advice process and avoid any further questions about affordability;-

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

If you do nothing, your mortgage will revert to the follow-on rate from when you applied, normally the standard variable rate which is currently 3.99%.

Thankyou so much for your advice :-)