Getting a new mortgage product when have childcare costs

jennielouises

My husband and I have another two years on our fixed rate mortgage and are very keen to get another fixed rate after that. However, we want to start a family and I childcare costs will have an affect on what we can borrow. If I do a remortgage calculation with our existing lender (on their website) with childcare costs, we can't even borrow as much as we currently have! Is remortgaging the same as going onto a new fixed rate product? Do we have no choice but to sick to being on a tracker mortgage once we have children?

kingstreet

No. You want a 'customer retention product', which is normally done without further status/affordability checks.

You need to check your lender's policy.

A remortgage is a new mortgage from a new lender to replace the old one. A new mortgage deed is required, hence the "remortgage."