How lower income affects remortgaging

Dd88

Hello - I’m looking for some advice in regards to remortgaging. We’ve been with our current lender for around 4 years now, and are currently halfway through a second 2yr fixed deal with them. I’m looking to borrow money against the house to pay for a kitchen/help fund a wedding/consolidate some minor credit card balances into the mortgage. The LTV remortgaging figure we’d like to borrow comes in at around 87.5% (lenders policy states it can’t be over 90%) which I believe is fine.

My main concern in the whole process however, is that since we first got our mortgage back in 2016, I’ve recently decided to change career, and have gone from earning comfortably in one line of work, to virtually starting at the bottom in another, and it’s likely to take me 2/3 years to get back to a similar comfortable level of income. 

Now, this could be a stupid question, so apologies...but if I was to discuss this with my current mortgage provider, are they likely to be concerned by the lower income, and if so, could it affect my existing mortgage with them anyway, let alone trying to borrow against the house. Me and my fiancée can still afford the mortgage on the current deal, even under a stress test scenario.

I guess what I’m worried about is sitting down with my lenders to discuss borrowing against the house, handing over payslips and statements again for them to be like:

 “F*cking hell mate, you’re having a laugh ain’t ya?? Guys, guys, get in here, you’ve got to hear this...right...say what you just said again...”

leaving the branch with a chorus of laughter behind me, to find a ‘REPOSSESSED’ sign stuck to my door when I get home...

So yes, any advice please would be marvellous.

Thanks,

Dan 

sammyjammy

What are the numbers?

kingstreet

First thing. If you go back to your existing lender, you are going for a customer retention product and further advance, not a remortgage. A remortgage means a whole new mortgage with a new lender to repay your existing loan, possibly borrowing more.
Either way, you will need to meet affordability. You do that, you're fine. You don't and there will be no extra money from current lender and no move to new lender. However, your current lender is stuck with you for what you owe now, so a customer retention product at the end of your current fix will be unaffected.
Bear in mind, if your current lender's remortgage criteria says 90% for a capital raising remortgage it doesn't necessarily mean the same for existing borrower further advance applications as these may have a lower maximum LTV.

Thrugelmir

Have you googled to see what your lender offers in terms of homeowner loans?