Mortgage help please!!

[Vicky1110]

Hello,

Our mortgage fixed rate term is due to end soon, and we would rather not go on to the SVR. However, when we got out mortgage both my partner and I were working full time, and now I am a full time house person looking after 3 children - and so our income has obviously gone down a substantial amount (although we have never had a problem paying any bills, and have never missed any payments for anything). Will we be able to get a new fixed term on our mortgage or move to a new provider? Or will be have to pay the SVR (which I don't know if we would be able to afford as it is likely to be a lot higher than our current fixed payments).

For info (if it helps) when we got the mortgage we had a total income of about £40,000 between us and now it's about £30,000 (with my partners income and tax credits).

Any advice/information greatly appreciated.

Thanks x

How much is the outstanding mortgage?

with the same lender, you don't need to prove your income again if you go for another product fixed term for example.
to change a provider, it's an application from scratch(proof of income needed).

@HerNameWasEliza it's about £140k o/s now.

@mumsy27 will the same lender always offer us another fixed term though? (Sorry first mortgage and first fixed term, so I don't really know much about it).

Can you access your mortgage online to check? When ours was nearing the end of the fixed rate I did it all online just logging on to the account and looking through the options. No proof of anything needed, just a couple of clicks and a virtual signature on the paperwork and it was all sorted a day later. We're with Santander

I did mine all online with the same lender (Barclays) they gave a few options to choose from, no checks. Has happened every time the fixed term has ended I just switch to another one with the same lender

You'll be able to refix with the same lender, you'll only need to go through the whole income checks etc if you were to remortgage, re-fixing isnt remortgaging.

When we were with NatWest we could do 3 months in advance.

Call your lender and ask?

They will offer you amongst the products, fixed, tracker, offset...etc.
The rate is based on your loan to value(ltv).
For example if the loan is 60% what property is worth you get 2.4%, 80% you will get 2.9.
You are allowed to pay up to 10% of your balance every year without penalty(ERC).