Remortgaging, income lower than before

I have a mortgage with TSB outstanding £97,000. Originally borrowed £99,750 (I think).

Anyway, when I originally took out the mortgage my income was £28,000. Now it is £21,000. My partner's income has remained the same, though I am the main earner. I have been on the TSB website and asked it how much it'd lend me - it has a calculator. Based on our incomes and debts, it says it'd lend me £85,000, whereas if I enter my old figures it says £122,000.

One thing in my favour is the value of the house - we bought it for £105,000, now its worth about £130,000 - a mortgage surveyor would accept this value easily.

I want to remortgage and feel that TSB is my only option due to my lower income, but are they even an option? Will they lend me another mortgage as an existing (very good) customer? Or will they treat me as new and decline based on my income?

I hope to get a new job soon, but decent jobs are hard to come by as a 32 year old with no specific qualifications.

TIA, and apologies if its been asked before!
Could HAVE. Should HAVE. Would HAVE. Not OF.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Remaining with your existing lender does not constitute a remortgage. Just a product switch. Apply online and you'll have no need to disclose your change of circumstances.
  • You would save money if you deal with the bank directly with product switch directly. I do not think it can be done online you would have to make an appointment. The mortgage advisor will discuss your circumstances in an informal way not to check things bit to find the right product switch for you.

    They may also try to sell you life insurance.
    When you look into an abyss, the abyss also looks into you. Nietzsche

    Please note that at no point during this work was the kettle ever put out of commission and no chavs were harmed during the making of this post.
  • If I remain with my existing lender but move to a different product will I still have to pay arrangement fees etc? And if I tell them the value has increased will they insist on seeing this for themselves ie charging a survey fee?
    Could HAVE. Should HAVE. Would HAVE. Not OF.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    They'll use an indexed valuation rather than send a surveyor out. Unless you want to pay for one.
  • If you remain with TSB you will not have to disclose your income. If you go elsewhere you will. If the property has gone up you may be able to get a better rate as your LTV will be lower. Whether or not you have to pay arrangement fees depends on the product.
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