Advice on when my 2 year fixed mortgage is up

Tayb93

Hi all. 

My partners income will be staying the same (21k per year) mine is (27k per year)

Mine and my partners mortgage renews in April, and my current job is becoming unbearable, with the amount of hours I have to do, so I am considering becoming self employed earning the same amount of money but less hours. 

When coming to renew the mortgage in April, what could happen?

I am just worried that if I go self employed, the mortgage will go up stupidly, or we will not get one. 

Many thanks!

getmore4less

There will be retention deals with current lender

Tayb93

What does that mean? Sorry I am new to this. Is that a good/Bad thing?

amnblog

Your current lender will most likely offer you a new set of rates. They won’t concern themselves with your current employment.

tim_london

Who is your lender?

'Remortgaging' with the same lender is called 'product transfer', there are way less paperwork and most would not check your income again.  There are certainly no valuation process whereby going to a different lender would.  

Some lenders like Halifax lets you switch up to 3 months before the your fix deal end without occurring early payment charges.  They are trying to keep you after all.  Other banks allow you to switch online.

You would typically get a letter from the lender towards the end of deal and it'll be akin to 'hey we pre-approved you for this deal, let us know if you want it and we'll make it easy for you'.  Which is a flag to say they will definitely not check affordability again.

Tayb93

thank you people that has cleared a lot up

MovingForwards

You can stay with your current lender and pick another fixed rate term, usually done with a click of a mouse.

Highly doubtful you could remortgage to a different lender as it's 1 - 3 years of self employed income they want to see.