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Remortgage if wife stops working
Momanns
Posts: 153 Forumite
Hi all,
I've done some googling but cant' find anything concrete so wondered if anyone could help. My wife is likely going to stop working in September when our twins start school. Just occurred to me that this may really affect us when it's time to remortgage? I am the higher earner and my wife is already part time so we can afford the change but it's still a drop for lenders.
Are we likely to only get access to higher rates etc if I'm a sole earner?
Can we move over to a longer term fixed rate with our current provider before then?
Thank you for any and all help
I've done some googling but cant' find anything concrete so wondered if anyone could help. My wife is likely going to stop working in September when our twins start school. Just occurred to me that this may really affect us when it's time to remortgage? I am the higher earner and my wife is already part time so we can afford the change but it's still a drop for lenders.
Are we likely to only get access to higher rates etc if I'm a sole earner?
Can we move over to a longer term fixed rate with our current provider before then?
Thank you for any and all help
0
Comments
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If it passes affordability on your income alone then it will be fine. Bare in mind that the lenders determine if it passes affordability, but you can get an idea if you have a look at some affordability calculators.
You may also be able to switch products with your current lender on a retention deal. They may not market leading but they are not usually too bad. We moved house a couple of years ago and now I can not get a mortgage for the amount I need due to child care costs so we are stuck with our current lender. When I switched products last month it was about 0.2% higher than the best deal on the market.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi ACG - Perfect thank you. Without wanting to be too deceptive if he switch deals with our current provider at the end of our current deal (Summer 2020) would they request wage slips etc or is it a case of they're happy as long as the current mortgage is paid every month?0
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Usually they would just allow you to switch with no further underwriting.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Fingers crossed! Thank you for your help0
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