Remortgage when on reduced hours?

Alter_ego_2

Hi,

Apologies if this has been asked many times before but couldnt find anything.

We have about 10 months to go on the fixed mortgage but have a child now so are soon to both reduce hours to cover child care. Should we leave it to roll on to variable? Look to remortgage now whilst were 1x full time/MAT leave? (Take the hit on exit fee? Remortgage to avoid the fees on lower hours? (Would we still get accepted on decent rates?)

Worth maybe pointing out that even with reduced hours the total incoming would be similar to when we took out original mortgage and LTV is fewer too.

Not our intention to purposely mislead but ultimately want to make sure we do the right thing at the right time for us?

Thanks for advice.

Thrugelmir

Alter_ego wrote: »

Not our intention to purposely mislead but ultimately want to make sure we do the right thing at the right time for us?

To do so would amount to application fraud. Not advisable. As the wider consequences are potentially very damaging.

Why do you need to remortgage to a new lender? There may well be other options that can be explored first. With your existing lender.

As for remortgaging. Extending the term would reduce your monthly outgoings. Though would result in you paying far more interest in the longer term.

Alter_ego_2

What i want really is just the best mortgage deal. Its just really unfortunate that our fixed deal will come to an end at a time that we will be on reduced hours. Thats only short term too.

So its really about paying less interest. Imagine we would be offered better rates if we were on full time hours. Could be wrong but yes of course will speak to our lender nearer the time.

LRmortgage

Depending on who your current lender is, they may offer you a fairly competitive follow on or product transfer rate without any underwriting.

whitepatch

To Remortgage before the fixed rate ends won't be beneficial as you will have early repayment charges, which could be 1000's.

You can just product switch with your existing lender and it will still be competitive. They will index your property value and if you fall into a lower loan to value they will offer you those products.

dimbo61

So far you have not given your existing lender.
Rates have Never been so low so I am pretty sure you will find a good deal with your current lender.
Check the lenders website for new deals for existing customers.