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Advice needed on remortgaging alongside a possible career break

(11 Posts)
popsycal Wed 05-May-04 08:49:43

We need to remortgage our house to get a better deal - been putting it off for ages. With a little bit if research (thanks becca!) we can definitely get a better deal.

However, we are in the middle of trying to work out whether we wouldbe able to approach my boss for me to take a 1 year career break and are trying to think about the financial side of it first.

One thought is that when we remortgage we could release a small amount of equity as 'back up' - even wih this, our mortgage payments may still even be lower than they are if we get the right deal.

Still with me???!!! Ok! If we apply to remortgage, do I need to tell them about possible career break, and if i don't then take a career break, will there be any consequences?

Sorry that sounds garbled. My brain is all over the place at the moment...

Hope someone can advise
Thanks folks!

popsycal Wed 05-May-04 10:13:54


Hulababy Wed 05-May-04 10:16:46

Popsy - DH does lots of finace stuff so I will aksk him for you later and see what he thinks

Flip Wed 05-May-04 10:17:07

Have a look at the one account. You can remortgage for as much as you need and then just treat it like a big overdraft. You don't pay interest on what part of the mortgage you don't take. If that makes sense.

jmg1 Wed 05-May-04 10:22:17

If the new mortgage will be based on your income plus that of your dp/dh probably not a good idea to mention possible career break.
Normally, once you have the mortgage the lenders main concern is that they get their payments as and when they are due.

moodyzebra Wed 05-May-04 10:23:39

There are competitors to the Virgin One Account... search for "Offset Mortgage" on Charcoal, whatever.

popsycal Wed 05-May-04 10:26:46

thanks folks....

jmg1 that makes sense...

ie if we didnt remortgage and i just took a career break, it wouldn't occur to me to tell the mortgage people iyswim

toddlerbob Wed 05-May-04 10:30:35

Absolutely, my dh had to do a second job so we could get our first home because the bank wouldn't accept the commission part of my job. Once we had the mortgage he quit the job. The important part is that you know you could continue to make the payments.

popsycal Wed 05-May-04 10:31:53

Thanks again folks....

prufrock Wed 05-May-04 12:23:22

try They have details on all the best savings/mortgage products

popsycal Wed 05-May-04 12:28:49

Just got some advice from Hula's Dh who is a solicitor - I OUGHT to tell them of changes in circumstances...

I am going to book an appointment with a IFA

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