Joint remortgage with one applicant unemployed.

Logmar
Logmar Posts: 8 Forumite
Part of the Furniture Combo Breaker
edited 4 April 2020 at 12:49PM in Mortgages & endowments
My fixed deal ran out must be approaching a year ago just now. With the current base rate drop it got me to thinking about remortgaging after putting it on the back burner when my wife became unemployed. However, she is due to get back to work after the whole Covid thing blows over.
Since that I have had a wage rise at work lifting me from £36k to £39k a a year basic. NHS so it's a safe job. Loan to value would be approx 67%. 
Basically i'm just looking for opinions on whether now is a good time to remortgage with a different lender to save about £100 a month going by what I have found looking online at the moment, remortgaging with current provider to save £30 a month or riding out the Covid storm and re-evaluating then? How likely is a joint application to get approved when one of the applicants is listed an unemployed?
Get your crystal balls out.
P.S. I'm well aware that there are a large number of variables etc. I'm just looking for a general opinion.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Affordability will be based on your wife being financially dependent on you. Try lenders online calculators to ascertain what you could potentially advance you. 
    You'll need to factor in the cost of remortgaging to the equation, i.e. mortgage exit fee, valuation fee , legal fees. Though at the current time undertaking valuations and dealing with solicitors are potentially challenging. 
    Are there any product fees on the products your are comparing? 
    What has your current lender offered you? 

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