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joint mortgage and leaving job

(25 Posts)
tina299 Mon 29-Jan-18 16:19:09

hi everyone.Warm welcome to all readers . If someone knows about the following please help me!!
We bought a house with joint mortgage with both incomes as my partner’s income was not enough to get mortgage for that house . After buying I quit the job as it was 40 miles away and I am planning for a baby as well . He is paying the monthly installments. with his income easily. I wonder what happpens during Remortgage time because I dont have job and mortgage is joint . Will they ask about my payslips and stuff again.!

PilarTernera Mon 29-Jan-18 16:30:28

They will ask all the same questions about income and expeniture for the remortgage that they asked for the mortgage. If your income is £0 you will have to state that.

dementedpixie Mon 29-Jan-18 16:34:00

If you just mean moving to a different product when a fixed term ends then I don't think they go through all that again. If you were remortgaging to add more to it then they would reassess again

tina299 Mon 29-Jan-18 16:37:25

no i will probably remain in same product and same bank as well . Even then will they ask me about my stuff or while remortgaging can I just say to them that everything is same ex our incomes???

dementedpixie Mon 29-Jan-18 16:46:44

When does the deal end? Will his wages have increased? Do you need to worry about it now?

tina299 Mon 29-Jan-18 16:51:37

thanks for reply dementedpixie...it ends in 7 months and his wages are same as starting . I am only worried as during remortgage what will i say of my income .?? They might take my house away as mortgage is on both names and my earning is £ 0 and ??? i do t know

tina299 Mon 29-Jan-18 16:52:02

i dont know ....

dementedpixie Mon 29-Jan-18 16:55:38

If you do nothing then it just reverts to a mortgage at the standard variable rate offered by your bank. If you stay with the same provider then you are less likely to have to go through the whole application/affordability thing. If you go to another provider they will have to do it all and there will be other fees too

MickeyLuv Mon 29-Jan-18 16:56:03

Most lenders will not check affordability if you are simply swapping to a new product with the same lender and not borrowing any more.

onemouseplace Mon 29-Jan-18 16:57:05

We've rate changed onto whatever was the best current deal with our bank (Woolwich/ Barclays) each time our fixed rate was up and have never been asked whether our circumstances have changed.

dementedpixie Mon 29-Jan-18 16:59:59

Your provider should send a letter with options before the deal ends. We had a mortgage that offered a Base Mortgage Rate rather than a standard variable rate at the end of our fixed rate so that's what we have rather than remortgaging to another product

jollyjester Mon 29-Jan-18 17:01:29

If you stay with the same provider and have no issues meeting the current repayments thrn you will not need to go through the detail again.

However, if you wish to switch providers or borrow more money they will go through the application process and you will be asked about current income and this will be checked against bank statements

MyDcAreMarvel Mon 29-Jan-18 17:03:13

Do you mean remortgaging or do you mean what will happen when your fixed rate ends?

tina299 Mon 29-Jan-18 17:03:32

thank you everyone ..

tina299 Tue 06-Feb-18 20:48:28

hi mydc i am asking regarding remorgaging. not when fixed rate ends...

MickeyLuv Tue 06-Feb-18 20:55:01

Why will you need to re-mortgage if you are staying with the same lender and not borrowing any more money?

tina299 Tue 06-Feb-18 21:08:24

i mean fixed rate is ending so ..wouldnt i need to fix it again when it ends .otherwise it will go to variable rate and it is too high

Worsethingshappenatsea Tue 06-Feb-18 21:12:17

Hi I work in a high street bank - Remortgage is moving to another lender or borrowing additional funds and will definitely be asked for proof if income etc.
If you stay with same lender and just move onto another product when your fixed rate ends , keeping term the same and no extra borrowing you won't be asked for any proof of income. That's called a Product transfer and can usually do it all online.

Sarsparella Tue 06-Feb-18 21:14:14

Aren’t you planning on looking for a new job nearer where you now live? (Misses point of thread...)

tina299 Tue 06-Feb-18 21:43:09

thnaks very much

pigshavecurlytails Tue 06-Feb-18 21:57:25

Whenever I have got to the end of my fixed deal and stayed with the same provider, they have asked no questions about income etc. and you don't have to go to SVR, they'll have a range for existing customers to stay on. no fees either. don't stress!

feral Tue 06-Feb-18 22:22:12

I'm with Santander and have just changed deals without any further checks if that helps.

VacantExpression Wed 07-Feb-18 09:42:01

Worth speaking to a broker- if you are affording the repayments without working the affordability is obviously there, you won't be in "trouble" or anything like that for not working, might be able to get a better deal elsewhere, especially if LTV has decreased over your current fixed rate term.
Worst case scenario if you want you can just do a product transfer with your existing lender, speak to them.

tina299 Wed 07-Feb-18 14:17:54

hi everyone . i have a chimney in my house which needs to be removed fully from reception from bedroom and loft and top of roof . its is a semidetatch house with no neighbour interference . chimney is in the middle of the house . Council said you dont require any paperwork or structural calculation if you removing chimney fully and no party wall with neighbour. Today builder came in making me afraid sayinv that he will not start work without his own structural engineer dounb calcs. May be he want to make money . Do any one know that we need any support or beams or engineer for anything .

HJ40 Wed 07-Feb-18 14:24:46

Err- wrong thread?

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