Remortgage Question

[fruitandbarley]

Hi,

I just wondered if any knew if I remortgaged with the same company (fixed rate coming to an end), if I have to go through the whole payslips thing again? (i earn about £100 less now than wheh i took it out due to giving up a second job I had, but have never been late and do not struggle to make the payments)

I have also got married since taking out the mortgage, would they take my husbands income into account as well even if he isn't on the mortgage?

I was also wanting to do a little extra borrowing, if I extended the period the mortgage was over, and had a better interest rate, so it worked out the repayments were the same each month, would they be likely to let me do this?

Thanks

We've recently remortgaged with the same company for the same reason as you and just applied online through their mortgage centre website. They sent out the documents for us to sign and we sent them back.

However, we have our main current account with the same company -it's a bank - I don't know if that makes a difference.

On the extra borrowing, you'll probably be OK as long as the Loan To Value ratio is still fairly low. If your mortgage is 50% of the value of the property and you want to borrow money to take the mortgage to 55% of the value that's not going to raise any eyebrows. But if your mortgage was 80% of the value and the extra borrowing took it to 90% you might find the mortgage company would want to charge you a higher interest rate etc.

fruit If you are borrowing more then you will probably be asked to provide evidence of income, etc. If you are straight switching on the rate it is unlikely that the lender will request evidence as the risk is staying the same.

The lender may take into consideration your husbands income but when you re mortgage you will need to transfer the property into both names. Of which there may be stamp duty for him to pay if his share of the house is more than £125k.

Is your lender still the best option financially. By that I mean if you are borrowing more do you know if they have the best rate/fee structure than any other lender on the market? If you don't know the answer to that then you need a good mortgage advisor.

Picking up on what Cog said interest rates do change at LTV levels, normally 60% / 75% / 85% and 90%. There can be variations to this of course.

If you want more personal detail then feel free to message me and I will help where I can.