Remortgaging- change of circumstances

jb1305

Hi there, I'm looking for advice about remortgaging. Current mortgage deal with Halifax ends in September, LTV is 75%, 136k outstanding. Mortgage is in my name only, we decided not to put my husband on the mortgage at the time of purchase.

Our circumstances have changed in that we now have a child and my salary has reduced from 37k to 20k due to going part time.

Looking for advice on our thoughts of remortgaging-

1. Remortgage in my name only with current provider. Is this even possible due to decreased salary and having a dependent? Will Halifax ask if circumstances have changed since last remortgage? Or will they offer SVR only, which is a lot more than current rate.

2. Remortgage in both our names. Affordability is not an issue here, husband earns 40k plus. Both have excellent credit reports. Our concern is will there be a lot of fees involved?

We want to get the best deal possible but understand that we may have to pay out fees to take out a joint mortgage, which we can afford. I guess we are just wondering if option 1 is a possibility to save this just now?

DeterminedSingleMummy

Hi, I'm not with halifax but I'm with Santander. When i remortgaged my income was significantly lower and also I had a child however because I chose a customer retention offer rather than a remortgage I didn't have to go through any affordability tests. They simply just switched me from my old fixed rate to my new one. I've done this twice now and they said if I didn't choose a customer retention rate i would have to re submit my salary and circumstances. Maybe give halifax a ring and see what they say? Santander allow you to get things sorted 4 months before your fixed rate ends. Hope that helps.

jb1305

Great- thank you. I can look at remortgage offers through Halifax's website so will give that a try first. I think I can switch deal 3 months early.

Thrugelmir

To clarify. You are not remortgaging, just switching product in this instance. To avoid any questioning of your circumstance. Choose from the online options available. Once you speak to an advisor then the lender may possibly cover themselves by asking about your current circumstances.