Mortgage renewal on lower salary

MWT

callmedude said:

MWT said:

Easteregg25 said:

my mortage product ends next year, i will be on a lower salary and may not match affordability checks, despite never having missed a payment. Will i have to sell the house?

If you are just taking a new product from your current lender there is usually no new affordability check.

If you are trying to change the term or change the lender then there would be an affordability check.

Often you can pick a new product with just a couple of clicks on their website.

If we do a product transfer with the same lender, will that be a 2-year or 5-year fixed? If our income increased and we wanted to remortgage with another lender offering a lower rate, would it be possible to switch without any penalty or early repayment charges?

You will have to look and see what renewal products your current lender is offering to you, odds are that will include fixed products and perhaps a tracker. Sone without a product fee, some with. It is possible there may be a product without an early repayment charge, but if so it may not be the cheapest alternative. 

Best thing to do is check what is on offer and come back with specific questions if needed.