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Re-mortgaging on a lower income.
joannasmum
Posts: 1,145 Forumite
I hope somebody could give me abit of advice. I'm considering asking about taking a 12 month sebatical(sp) from work from Sept.
However our fixed rate mortgage deal with Scottish Widows is up in May 09. We will owe £65,000 and the house was worth £200,000 when it was last valued 2.5 years ago.
Obviously our income is going to be depleated without my wages, my DH earns £22,000 and we have no other debts.
Do you think we will be able to get a new deal? Me selling this idea to DH hinges on there being a good chance of us re-mortgaging at the end of our deal.
Thanks in advance
However our fixed rate mortgage deal with Scottish Widows is up in May 09. We will owe £65,000 and the house was worth £200,000 when it was last valued 2.5 years ago.
Obviously our income is going to be depleated without my wages, my DH earns £22,000 and we have no other debts.
Do you think we will be able to get a new deal? Me selling this idea to DH hinges on there being a good chance of us re-mortgaging at the end of our deal.
Thanks in advance
Sorting my life out one day at a time
0
Comments
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Yes, 3 x income and low LTV should make it a breeze to do that. Correct me if I am wrong but there is nothing stopping you going back to work early if something happened which meant you would struggle?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks Homer-J. Yes you are correct I could go back earlier if needs be.Sorting my life out one day at a time0
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