Affordability checks when remortgaging

[ImTiredOfOfOf]

(Posted this on another board but then realised this one would be more appropriate.)

We bought a couple of years ago so our initial fixed rate is due to expire at the end of this year. Since we bought, we've had another DC (therefore another dependent) and I would ideally like to go part time at work (3 or 4 days) for a couple of years ASAP (due back off mat leave soon). But will this impact affordability checks when it comes to remortgaging? If so, how? Could we be declined? Would we have the pay higher interest? I don't get it (I am very tired as my username suggests ).

I've tried to Google this but I keep getting unclear results and have been up all night with the baby so I'm hoping the wisdom of MN can help...!

Your affordability is based on multiples of your salary. So work out how much you still need on a mortgage and see if you can afford to be part time or not. Don't forget some of the money you 'could' borrow will be removed for each dependent as they take into account costs of children.

If you just choose a new product with your current lender then affordability checks are unlikely. We don't do them at the bank I work for and my current lender (another bank) didn't either. Took my literally two mins to choose a new product and all done online
If you do a remortgage to a new lender then its a full underwrite to include payslips etc so yes you could be declined

If you stay with your current provider, you can usually do a product switch to another deal without any further checks. If you want to go to a different provider, you will need to do affordability and yes, it will be reduced on smaller salary / more dependents.

Income will determine how much you can borrow. Affordability is about your spending habits and ability to repay.

As stated above, if you stay with your current lender there shouldn't be any checks unless you are borrowing more.

Thank you all! I know it probably seems really obvious to other people, but I've a complete mental block over this for some reason, so I really appreciate your quick and helpful replies.

Good luck and I hope you get a decent rate. Important to save money where you cam in the current times particularly fingers 🤞

Thank you. Yes, some big financial decisions pending. I really hope I can make part time work compatible with all of my outgoings of course but obviously the mortgage is my main consideration at the moment.

Here's hoping for brighter financial times for us all in the future x