Re-mortgaging when Partner is Retired

tv21

csgohan4 wrote: »

if your moving lender don't forget solicitor fees, survey's mortgage fees e.t.c

Good point.

Only reason we’re hesitating about approaching our current lender is whether they’d close the associated bank account that comes with the offset mortgage (or so OH worries, as we’ve now less income than we needed to initially open the account.).

I don’t see how that could happen, as loads of peoples’ incomes must fluctuate through their working life with sickness, maternity leave, gaps in employment, etc. Can’t see the bank making trouble for us even if they don’t offer us a better deal. Or can they?

Thrugelmir

Once a mortgage is granted. Then you'd have do something bordering on foolish or encounter financial meltdown for a lender to call the debt in. Providing you adhere to the contractual terms you'll be ok.

You'd more than likely lose the offset account if you switch product. The lender isn't going to force you to use the money in your account to reduce your mortgage balance. I'd suggest that you simply use whatever is required in order for FD to offer you a repayment mortgage. Might even be zero. It's in FD interests to assist you. As interest only mortgages are where problems lie ahead in the future. Providing you meet affordability criteria you'll be fine. You can only ask.

tv21

Thank you Thrugelmir and csgohan4. It was treated as a re-mortgage rather than a retention deal or product switch but t went pretty smoothly and I don’t think I’ll need to use an advisor now.