Mortgage query - leaving work

yoshiyella

Hello all,

Me and my partner have had a mortgage for 5 years now (in my partners name solely) and recently moved home keeping the same mortgage provider.

When we first got the mortgage 5 years ago we had a variable rate and ended up with paying 6.6% upwards whilst paying just under £1000 a month on a mortgage of £120000.

It is now on a 2 year fixed mortgage rate on a higher mortgage value of £175000 and a deposit of £100,000.

Today my partner got a phone call from the provider wanting a 10 minute chat about why we chose the 2 year fixed deal and have circumstances changed and are they likely to. Obviously my partner answered all queries that nothing has changed - however she is now worried as we plan in the next 18 months for us to start a family and her to leave work for a couple of years - does anyone know the impact that this will have on 'her' mortgage? On my salary I can comfortably support the family and pay the mortgage even if interest rates were to drastically increase but for the next 3 years or so my bad credit will stay and so obviously I would not be able to take over.

Apologies for all the information just wanted to be clear as possible.

Thanks for any advice or information

ACG

Once you have the mortgage it doesnt matter if your situation changes. So long as you pay the mortgage there will be no issues - so long as you still living in the property.

yoshiyella

ACG wrote: »

Once you have the mortgage it doesnt matter if your situation changes. So long as you pay the mortgage there will be no issues - so long as you still living in the property.

Thanks for the reassurance

I assume the only issue is when we look to get a better deal in her name? Or will we have to leave it as the variable after the 2 year fixed deal?

ACG

If shes not working and your not able to get a mortgage (you may be able to - bad credit means different things to different lenders - I have placed people with IVAs on the high street for instance) - then you may be stuck with seeing what retention deals your current lender has.

Thrugelmir

Is the mortgage now in both your names?

yoshiyella

Thrugelmir wrote: »

Is the mortgage now in both your names?

No just in her name as I have defaults on my credit file.

Thanks to you both for replies - it was mainly for the reassurance that we can continue once she leaves her job for family reasons.

yoshiyella

ACG wrote: »

If shes not working and your not able to get a mortgage (you may be able to - bad credit means different things to different lenders - I have placed people with IVAs on the high street for instance) - then you may be stuck with seeing what retention deals your current lender has.

I will keep you in mind when I do look - my partner has perfect credit so will want my credit spotless again before we do anything jointly!