mortgage options/porting advise please

SuperSonicDog

Hi all, looking for any advise you can give re our situation.

We are looking to move house, been on the market a day and have a viewer tomorrow. Seen a house we like. All good.

Our mortgage is in my name, it was my house before we married. We owe approx £70k and are not looking to borrow any more, in fact it could be less, maybe £60k. Im looking to port the mortgage, our rate is 1.62% so quite keen to keep this, its with Halifax.

However, since taking out the mortgage my income has changed, as it stands today i earn about 8k which Im pretty sure wont pass criteria to port. In about a weeks time Im expecting to be informed I have a new job, salary approx 20k, I think this was my salary when i took out the mortgage so hope this will be enough to port it. But will they accept a brand new job or even a job offer as being ok to pass the criteria? If its just in my name do they recognise my husbands salary (22k)  at all?

So adding in my husband and making it a joint mortgage - he is 10 years older than me and so weve been told that should he be involved the term will drop from 15 years to 6 years making the payments unaffordable.

Ive rang Halifax for a chat and have an online meeting lined up for next week but shes insisting i do a mortgage in principle first but I dont know what Im asking for 

Any thoughts, ideas, anything Im understanding wrong or not considered?? As we have a viewer tomorrow Im wanting to know if any of this can happen cos if not I need to stop the house move right now.

Thank you x

K_S

@SuperSonicDog Quick comments -

- Halifax do consider new jobs or employment contracts due to start in the next few months

- If it's only you on the mortgage, your husband's income will not be considered by Halifax

- to see whether the required loan size of 60k will fit on a salary of 20k, try playing around with the Halifax affordability calculator here using a term that takes you to 70 or intended retirement age (if it's earlier than 70)
https://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

SuperSonicDog

That is really helpful, thank you. I guess something Ive not considered is his retirement age, he doesnt *have* to retire at 65 lol so playing around with figures if he works till he is 70 i guess we have options. Thanks again 

dimbo61

Many lenders now consider lending to people upto 70/75 if they have pensions