Can we remortgage on one income?

[Saus927]

Hello,

advice please - me and my partner bought our property in lockdown. Both equal incomes at the time and I was due to go on maternity leave. Since then I was made redundant just before my return date and my partner has been the sole earner. He has had a salary increase and we can afford to get by on he’s salary alone.

If we were to remortgage would this be possible for him to do it alone or could he be rejected?

It may be that you can't move provider if he doesn't earn enough on his own to remortgage with a new provider. We had the same issue with me being on maternity leave a few years ago. We stayed with the same provider and fixed again until I had my normal salary back. We are facing the same issue in March next year when I'm on maternity leave again.

I think it all depends on the affordability calculations. Can you afford all of your outgoings on the one wage? I recommend getting a mortgage broker.

What’s the loan to value?

That’s what they look at first

Plus bank statements to see where the money goes.

it really depends on how much your DH earns and how much the mortgage is, as well as your other outgoings.

can you list what your total income is, how much the mortgage is and what fixed outgoings you gave (like credit cards, loans or childcare).

If you're just staying with the same provider then they don't check, you just do it online and click through a few screens.

If you want to change to a new provider you'll have to go through the whole application process again so it depends on earnings, loan to value, affordability, house value, etc.