Could they put my payment up rather than down

[HarryTheHungryHippo]

Just wondering if anyone can give me advice. I wanted to remortgage, got a quote and applied through Barclays who declined me as they said I had insufficient funds even thought Thierry mortgage was £110 a month cheaper than my current one. Never mind, oh well and all that but somewhere along the way the solicitors for the mortgage company requested information from my current lenders who have now written to me asking me to call them before I switch so they can do me a deal.
Now since I took out my mortgage I have had ds and I noticed someone elsewhere mentioned children are classed as a negative so if I ring them is it possible it'll make my payments worse rather than getting a better deal?
I wouldn't mind if I could go elsewhere as I could just tell them to sod off if it did but I don't think I can go anywhere else so a bit stuck if it goes up

[HarryTheHungryHippo]

Their
But if it did

[Collaborate]

Short answer: no.

[Lonecatwithkitten]

The difference is childcare costs are now used in the affordability calculator whereas they weren't before. The mortgage criteria are much tougher now which is why it is harder to remortgage.

[ceeveebee]

If you are coming to the end of a fixed rate deal, you normally get transferred automatically into the banks standard variable rate. So depending what your previous interest rate was, your payments could go up or down.

[Alwayscheerful]

Yes child benefit is included in their affordability criteria too. Basically they consider you will have less disposable income if you have children, which is usually true. You have posted in legal, might have been better in money. It's usually cheaper to do a deal with your current lender because you may not need to pay survey costs exec. Give them a call and see what rates they can offer you.

[Collaborate]

I have read your OP as asking whether they can unilaterally change the terms of your mortgage because you've had children since you took it out.

They can't make you change the terms of the mortgage. Sometimes if you fall in to arrears, or the loan to value ratio slips above that permitted under the mortgage contract, they can hike up the interest rates, but you're not in that position. Sounds like they may be offering you a better deal. When considering whether to offer you that deal they can take in to account your present circumstances.

[HarryTheHungryHippo]

Hi collaborate your spot on. I just want to check before I call them they won't take into account my new circumstances and put my rate up. I'm on a variable rate now after coming out of a fixed term but its still 5.9% interest
I'm not in arrears and I think they house will be worth the same or slightly more but I doubt it's gone down in value