Remortgage, worst case?

PLuKE1986

Good evening,

I am currently on a tracker mortgage, my fixed rate finished at the start of the year, but didn’t increase much so left it be until now.

I want to put a conservatory on the house, so looking to remortgage and add the cost of the conservatory style built onto the house at around £8000.

My worry is, my wages have taken a hit, and if I try to remortgage and I fail there affordability check, where does that leave me? Would they still leave my on my current tracker or pull it all together? Mortgages are new to me, so please excuse my ignorance!

Kind regards.

RelievedSheff

Do you mean you are on the SVR (Standard Variable Rate) rather then a tracker mortgage?

Hoenir

If you apply for additional borrowing, i.e. a home improvement loan. You will subject to affordability checks. If your wages have taken a hit. Is borrowing more money now a sensible idea? 

PLuKE1986

Hoenir said:

If you apply for additional borrowing, i.e. a home improvement loan. You will subject to affordability checks. If your wages have taken a hit. Is borrowing more money now a sensible idea? 

I understand affordability checks are undertaken, my wage has gone down, but I myself can still easily afford my current payments, I should of been more clear, it’s more IF the bank didn’t agree, what would then happen?