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Re-mortgaging with a lower salary
KT297
Posts: 3 Newbie
Hi,
I have a tricky situation...
I bought my house in July 2005 and got a 100% mortgage for £105,000 based on my salary at the time and also part-guaranteed by my Dad. My fixed rate deal ended laast month and I want to re-mortgage to get a better deal than the SVR. BUT in October 2005 I started training for a new role. My salary has dropped by £5k but in October when I qualify it will rise £10k to £5k above what I was on originally. My employers will provide me with confirmation that I have a job at that salary dependant on qualifying. Qualifying depends on me completing my degree and NVQ which don't get finally assessed until 5th October. I can prove I am on track for qualifying but won't get anything in writing until after October 5th but in the meantime I am paying £140 a month more!
Can anyone give me any advice?
KT
I have a tricky situation...
I bought my house in July 2005 and got a 100% mortgage for £105,000 based on my salary at the time and also part-guaranteed by my Dad. My fixed rate deal ended laast month and I want to re-mortgage to get a better deal than the SVR. BUT in October 2005 I started training for a new role. My salary has dropped by £5k but in October when I qualify it will rise £10k to £5k above what I was on originally. My employers will provide me with confirmation that I have a job at that salary dependant on qualifying. Qualifying depends on me completing my degree and NVQ which don't get finally assessed until 5th October. I can prove I am on track for qualifying but won't get anything in writing until after October 5th but in the meantime I am paying £140 a month more!
Can anyone give me any advice?
KT
0
Comments
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yeah this is easy, there are a few lenders that could look at this, particularly lenders who have special products for graduates and professionals on a set progressive career track. will your father still be a guarantor for you? I can't day you can definitely borrow the amoutn you want as there isnt enough detail in your post but I would recommend you seek some professional advice from a whole of market mortgage adviserI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, 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
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