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Switching deal with change of circumstances.
jamja
Posts: 75 Forumite
I am coming to the end of my fixed rate period on our mortgage and am planning to switch to another deal with our current lender (Nationwide). Our circumstances have changed since our last deal was fixed and I am looking for a bit or reassurance about how likely it will be a simple switch.
My husband and I have a joint mortgage and owe 85000 on a property worth 170000. This was based on us both earning about 40000 each. However, I have been on maternity leave and taken a career break to look after our two kids. I am a teacher and the career break is an official one with an end date of August. I will then be back at work full time as per my previous contract.
I had initially thought that we would go onto the svr until August and then fix again when I started earning again. Now I am wondering if it is straightforward to fix now despite myself not earning?
When I looked at affordability calculators online I was unsure whether I should be putting myself down as a homemaker with no childcare costs, or employed (which I technically still am) but then I won't have income or childcare costs until August. I am wary of putting down the wrong thing and scuppering an application! I am also presuming one salary (43000) would be enough to allow a switch.
Any insight would be gratefully received!
My husband and I have a joint mortgage and owe 85000 on a property worth 170000. This was based on us both earning about 40000 each. However, I have been on maternity leave and taken a career break to look after our two kids. I am a teacher and the career break is an official one with an end date of August. I will then be back at work full time as per my previous contract.
I had initially thought that we would go onto the svr until August and then fix again when I started earning again. Now I am wondering if it is straightforward to fix now despite myself not earning?
When I looked at affordability calculators online I was unsure whether I should be putting myself down as a homemaker with no childcare costs, or employed (which I technically still am) but then I won't have income or childcare costs until August. I am wary of putting down the wrong thing and scuppering an application! I am also presuming one salary (43000) would be enough to allow a switch.
Any insight would be gratefully received!
0
Comments
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@jamja Switching deals with your current lender Nationwide does not require any affordability checks, income verification, etc. It does not ask you to confirm that circumstances are unchanged. So there's no need to go on SVR.
I am a Mortgage Adviser - You 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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