Switching Lenders

MoscowFlyer

We're looking to sell up and move on, but with it we will be looking to switch lenders as well. Our two year fixed term is up soon so we're looking for a better deal. However, when we got our current mortgage, both my wife and I were working, but now she stays off as a full time mum while I'm the only wage earner.

If we were first time buyers I wouldn't fancy our chances of getting a £200k mortgage, whih is what we need. However, does the fact we already have a mortgage which we've been paying off without any problems go in our favour, or will it still be the same as if we were starting from scratch?

minimike2

Every time you apply for a mortgage your circumstances at that time are taken into account.

Theres no point getting a mortgage you cant afford. You will only regret it later down the line.

MoscowFlyer

We can afford it no problem, however the worry is that on a single wage, the lenders may not see it that way, meaning we don't get the mortgage.

minimike2

Well underwriters have ways of assesing affordability for a reason. If your wage is large enough to cover the mortgage and the family then no problem. Do you mind me asking what your income is so I can say realistically if you ill be ok or not?