Mortgage Help

McClane54

Morning ladies and gents,

Just a quick question, Since me and the wife took out our mortgage, My wife has just finished work to have our baby and not planning on going back to work for a good few years to bring the baby up.

In 18months time our mortgage will come to the end of its fixed period, what will happen then? (newbie to mortgages )

I'll be able to pay the mortgage and bills etc on my income of 25k a year (Mortgage is only £490 a month) but we won't have her income anymore, just wondered what happens then?

Any help or advice would be most appreciated

kingstreet

Your mortgage offer should tell you.

Presumably you will revert to your lender's standard variable rate.

McClane54

ok thank you, I thought i'd lose my mortgage or something

Verix

No you wouldn't lose your mortgage, as long as you keep up with repayments your lender will be happy. You just might find it difficult to remortgage to another lender on your income alone.

McClane54

Thanks Verix, thats what I thought too, but will my current lender be able to give me another deal? like another 3-5 year fix or would I just go onto thier standard variable rat?

kingstreet

You would need to ask your lender about;-

its customer retention products
and
how they are administered (online.execution-only or advised with new affordability or credit checks.)