Mortgage advice

[MadameJ]

Currently have a mortgage, have being with the same company for 5 years, always paid etc. Our circumstances have changed in that we now have DD and I have become a SAHM. We are thinking of buying a smaller property so hopefully our outgoings will decrease i.e electric, gas etc. How difficult is it to swop your mortgage over to a new property and will they need to do all the previous checks, I am just concerned that even though the property we are looking at is cheaper than what we currently have, obviously on paper our finances are no-where near as good as before, thanks in advance x

[noddyholder]

The product may be portable but they do do a whole new application as it is secured against the property so your earnings now will need to cover the new mortgage iyswim

[MadameJ]

Thanks for that noddyholder, I am thinking its not going to happen then as on paper our finances are quite feeble

[startlife]

What equity do you have? We ported a mortgage and were surprised how stringent the available monthly income checks have become (we were with Santander). They used standard metrics on household expenses - so they assume the costs if you are 2 adults & 1 child rather than use your actual figures.

However how old are you both - if monthly affordability is an issue could you extend the term?
You could try a mortgage broker - worth looking what's around in the whole of the market rather than your current lender.

[Beamae]

Speak to a broker like London and Country who don't charge you for advice... Their fees come from the lender. We have just done what you are planning so that I can stay home and have been finding that lenders are very, very cautious at the moment. It just look us nearly 5 months to find a mortgage on our new house, rejected by 6 or 7 banks in the process.