Now work part-time, will I get re-mortgage?

Money_Cub

Hey all

I remortgaged 2.5 years ago and was happy with the deal. 6 months later I started part-time work, cutting down on my hours and of course salary by half.

The mortgage deal ended 6 months ago and I'm now on basic rate plus 1%, so is 6.75%. There is a guarantee with the mortgage that it will never increase in excess of 1% of the base rate.

I can still pay the mortgage and bills and am looking at changing my whole career, hence why I went part-time. The work I'll change to will involve being a trainee for 2 years and low paid, but I intend to keep my current part-time job.

Questions........

Is it worth trying for a new deal, indeed would I get one and one that is at better rate than Im currently on, taking into account the half salary?

Is the fact the mortgage has the 1% guarantee a good deal?

Or is general opinion, I have to bite the bullet until I earn a higher salary?..........

Would be interested, and grateful for any thoughts/views.

Thanks MSE's :A

apk1

Whether you are part time or not, its your income thats important.

Your existing lender will offer you a deal - probably not a brilliant one. As they already have your mortgage they will probably not even need to know your current situation.

If your income stacks up you should look elsewhere, depending on the size of your mortgage, you will likely do much better than your current lender.