Can I Remortgage as a stay at home mum?

Mummyseahorse

After buying our house two years ago, we will be coming up to the end of our fixed rate, 350ish a month. The increase in money will be about an extra 200 pounds a month. We got the deal when we were both employed (my hours being part time, my partner full time) I am however now a mum of two (!) and not working. We manage by being very careful, and budget strictly. My partner makes around 1,500a month. We had planned to re mortgage, but I have a horrible feeling we simply won't be accepted. Is it fair to assume this and work on finding the extra cash a month or do we have a chance!? Any advice much appreciated.

sammyjammy

Who is your lender? You should be able to retain another fixed rate with your lender as long as you dont borrow more money or change the term, you won't be credit checked or have to fill out an application, I just changed mine and it took five minutes on their website.

Mummyseahorse

Barclays. We didn't want to change anything, but just try to keep costs low as possible. That sounds great!

sammyjammy

http://www.barclays.co.uk/mortgages/existing-customer-centre

Here you go, you would need to switch online not with advice, if you take advice it works differently and they would look at income/expenses/affordability etc.

Fiesto88

You can apply with another lender as your partner is still earning but you'd need to pass their affordability checks. Most lenders have full affordability calculators on their intermediary websites that you could use to check. No point settling for a retention rate if you could actually qualify for a better deal elsewhere.

amnblog

Barclays will switch you to a new rate without an income checks or underwriting.

If you are not confident to deal with it yourself, have a mortgage broker assist you.