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Mortgage - Change in circumstances
QueenieL
Posts: 11 Forumite
This is entirely hypothetical but if a mortgage is secured on two salaries and then one salary changes, for example one of the couple goes from full time salary to part time, how will that impact when they come to remortgage?
Apologies if this is a stupid question.
Apologies if this is a stupid question.
0
Comments
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It depends on whether it passes affordability or not. If not, you would have to stay with the same lender and see if you can switch products.I am a Mortgage AdviserYou 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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If it doesn't meet affordability officially (but presumably you had been making payments for that period with no trouble) is there a chance you'd have the mortgage removed and lose the property?
Again, apologies! I am a total novice with all of this.0 -
No chance of that at all so dont worry.I am a Mortgage AdviserYou 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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Thank you so much for that. It was a concern as circumstances may change in the future, and I wanted to make sure I had all angles covered in case they do!0
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