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Remortgaging questions
r0adrunner
Posts: 15 Forumite
My current fixed-rate termed mortgage expires shortly and I am considering - among one or two options I am pondering - to apply for another fixed-rate termed mortgage.
Firstly, assuming I do not re-mortgage by the time my current fixed-rate motgage expires, does my current lender simply switch me over to their variable rate mortgage until such time as I am able to buy a fixed-rate termed mortgage?
Secondly, while I have been able to pay the two years of monthly mortgage payments, I also pay another person a monthly fixed amount (I will need at least two more years to pay off this debt) which would probably mean that I would not pass an affordability test for the amount I would need to borrow in order to re-mortgage. Will a lender require me to pass a new affordability test for a new fixed-rate termed mortgage even though I have paid all of the monthly repayments on my current one?
Thank you.
Firstly, assuming I do not re-mortgage by the time my current fixed-rate motgage expires, does my current lender simply switch me over to their variable rate mortgage until such time as I am able to buy a fixed-rate termed mortgage?
Secondly, while I have been able to pay the two years of monthly mortgage payments, I also pay another person a monthly fixed amount (I will need at least two more years to pay off this debt) which would probably mean that I would not pass an affordability test for the amount I would need to borrow in order to re-mortgage. Will a lender require me to pass a new affordability test for a new fixed-rate termed mortgage even though I have paid all of the monthly repayments on my current one?
Thank you.
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