Remortgaging if disabled

Maz42

Hello, our fixed rate with our current mortgage provider is due for renewal next year. Since having the mortgage my husband has developed an eye condition and is now unfortunately registered blind. due to this he was no longer able to continue with his previous job. he is now on ESA (support group), higher PIP living and mobility for 5 years and does 16 hours a week permitted work. I work full time. We owe 140,000 on a house worth 250,000. We can more than afford the repayments but I don't earn enough to apply for the mortgage on my own. do you think we would be able to look a new providers? We don't like the current provider we have (they are very fussy and awkward)

busybee100

I would go with fussy and awkward. There's a huge difference of what evidence they need between a mortgage and a remortgage. Then think about how low you can get it and how long before you are likely to move.

lee111s

If you stay with your current lender they are unlikely to do any further affordabilit checks (unless you're changing the term or borrowing more).


My advice would be to switch deals with your current lender and if you can "more than afford" the payments, I suggest you overpay as much as you can.

dunstonh

do you think we would be able to look a new providers?

We dont know enough about you to say but that would require a full mortgage interview. Whereas buying a new deal with the existing lender would not. You think the current one is fussy and awkward. You wait until you see what others require.

Maz42

as this all happened so quickly and we haven't told our current mortgage provider yet about the change in our circumstances (I wouldn't wish it on my worst enemy)....I am concerned they won't offer us anything and leave us stuck on a rubbish rate. can they do that?

dunstonh

I am concerned they won't offer us anything and leave us stuck on a rubbish rate. can they do that?

Buying a new deal with the existing lender does not require a new risk assessment.

Maz42

can they ask to see bank statements or pay slips?

dunstonh

You are buying a new deal. Not getting a new mortgage. They dont need to ask all the questions or check info again. Only if you go to a new lender or borrow more will they do all that.

Maz42

Thank you so much for your help dunstonh.......feel reassured now. it has seriously been keeping me awake at night.

lee111s

Maz42 wrote: »

as this all happened so quickly and we haven't told our current mortgage provider yet about the change in our circumstances (I wouldn't wish it on my worst enemy)....I am concerned they won't offer us anything and leave us stuck on a rubbish rate. can they do that?

You don't have to. As long as your making the repayments on time, they don't really care.

Thrugelmir

Maz42 wrote: »

We don't like the current provider we have (they are very fussy and awkward)

Lenders are all regulated in the same manner so abide by the same set of rules. Your classification of affordable probably won't meet that lenders now use. Rates are at exceptionally low levels. So describing them as "rubbish" is dangerous. As the future will bring considerably higher rates than they are now. So reducing the amount you owe should also be a priority. Only you have the power to address this.