Negotiating New Mortgage rate after FT ends- credit card use.

debtfree2020

Hi,

Newbie here seeking a bit of advice. our fixed term interest rate ends in May and we're looking to negotiate a new fixed term with our current lender.

Since getting the mortgage we've had a baby (unplanned!) & a few house issues so a credit card was an essential to help us over maternity leave, however we've never struggled with mortgage payment as other half had a pay rise during this time.

Will this affect our negotiations? Or, given that we've kept payments up and my salary will be back to full time come May with no childcare outgoings, is our current lender unlikely to do another credit check?

Thanks in advance.

mrginge

Moving to a new rate as an online execution only with the same lender doesn't require any checks.
Changing any terms with the current lender will require affordability checks
Moving to a new lender will require affordability checks.

...and there is no concept of negotiation.

Thrugelmir

debtfree2020 wrote: »

we're looking to negotiate a new fixed term with our current lender.

Your lender will allow you to select from various options. Your choice as to whether any acceptable. Alternatively you could choose to see if another lender will offer you something more suitable.