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Mortgage now for SAHP

(8 Posts)
lndngg Thu 25-Aug-16 17:51:50

We are on a five year set interest mortgage. Since taking it out I've become a SAHP, my husband still works. When we got it our mortgage advisor said we would shop around for another mortgage at the end of the five year period, could we do this with me not working? My family said we could put them on the mortgage to make up for the loss in my salary, but they aren't based in the UK... Any advice I what might've possible?

SolomanDaisy Thu 25-Aug-16 17:55:04

It depends on how much your DH earns and how much the mortgage is for. There's no issue with you being a SAHM, just whether the household income is enough.

Gracey79 Thu 25-Aug-16 17:56:28

If you stay with same provider they will switch the rate without re checking affordability so if you're deals finishing and you just need to choose another rate you should be able to do this with very few questions asked

lndngg Thu 25-Aug-16 18:19:20

Gracey79 - could I move and stay with the same provider with few checks?

Gracey79 Thu 25-Aug-16 19:14:18

Move house? Would you need to borrow more? If it's the same amount and you want to move provided the loan to value is the same or more favourable to the bank they will most likely have a policy to look upon it favourably. If you need to borrow more it'll be as any new application

Duckstar Thu 25-Aug-16 19:17:34

Speak to a mortage broker. Mine doesn't charge unless you take out mortgage/remortgage with them. A good broker will be able to answer all your questions and get you good deal.

gillybeanz Thu 25-Aug-16 19:19:01

OP, we have always managed alright and have one low income, it depends on the size of the mortgage.
It usually isn't advisable to have an interest only mortgage and some banks and BS aren't offering them anymore if I have heard correctly.

GabbySolis Thu 01-Sep-16 14:50:10

Speak to a mortgage broker, they will be able to answer all of your questions and most don't charge unless you submit an application with them

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