New here - remortgage

shella_n

Hi

We need to remortgage this year as our fixed 4.89 rate is coming to an end. Our house is worth about £275k and our mortgage is £218k.

Im a bit nervous about where to start. I swear I saw a link on here somewhere a couple of weeks ago which showed you who was currently offering the best deals but nowI cant find it.

The main reasin main reason im nervous is that our current mortgage was based on my full time my salary but now I only work part-time. Between us I guess we earn £55k.

Any help would be greatly appreciated.

Thanks

Michelle

Ian_Griffiths_Halifax

A number of lenders are moving towards Affordability Tests rather than Income Multiples. This may go in your favour if you don't have and loans or Credit Cards.

Having children would effect your maximum borrowing on an Affordability basis, as your take home pay is needed to feed, clothe etc more people than if it were just your self and your partner.

Based on your loan to value ratio, I wouldn't worry too much, but don't expect a rate the same as you've been paying. Expect maybe .75% to 1% higher depending on your circumstances.

Retired_Minky

I'm in the same boat.

Fixed rates seem to be quite high at the moment. Most lenders don't seem to be passing on discounts. HSBC might be prepared to match your current fixed rates but the fees could be quite high.

I'm probably going to go for a base rate tracker.

_Andy_

3.96 X income shouldn't be an issue. To get a current idea of rates have a look at www.moneyfacts.co.uk or https://www.moneysupermarket.com

herbiesjp

shella_n wrote: »

Hi

We need to remortgage this year as our fixed 4.89 rate is coming to an end. Our house is worth about £275k and our mortgage is £218k.

Im a bit nervous about where to start. I swear I saw a link on here somewhere a couple of weeks ago which showed you who was currently offering the best deals but nowI cant find it.

The main reasin main reason im nervous is that our current mortgage was based on my full time my salary but now I only work part-time. Between us I guess we earn £55k.

Any help would be greatly appreciated.

Thanks

Michelle

Do you have any other debts outstanding?

Car loans, personal loans, credit cards etc?

Have a chat with your current lender first to see what they can offer you, and then you will be able to see if they are competitive against the other deals currently on the market

shella_n

Hi

Thanks for that guys.

The only other debt we have is about £3500 on a credit card but we should be able to pay that off by the time we mortgage if we have to - although rather not as its on an interst free credit card.

Thanks for all your advice.

Michelle