ow do Posted January 6, 2013 Share Posted January 6, 2013 My current mortgage deal is coming to an end in the next few months but my circumstances have changed since I took the original deal out. I'm now earning less after been made redundant but I'm in secure employment. I now live with my partner and we have a baby due in the next month. So... My partner got made redundant last month (I know) but is getting smp from her employer. As the mortgage will just be going on my income will the mortgage company take in to account the other income to the house from smp, child benefit that she will be getting? Link to comment Share on other sites More sharing options...
Expat owl Posted January 6, 2013 Share Posted January 6, 2013 My current mortgage deal is coming to an end in the next few months but my circumstances have changed since I took the original deal out. I'm now earning less after been made redundant but I'm in secure employment. I now live with my partner and we have a baby due in the next month. So... My partner got made redundant last month (I know) but is getting smp from her employer. As the mortgage will just be going on my income will the mortgage company take in to account the other income to the house from smp, child benefit that she will be getting? Is the mortgage going in your name alone, in which case they will only take your income into account, or will it be in joint names, when they might consider your partners income. However, I do know many institutions won't include SMP as it will only continue for a maximum of 12 months. Link to comment Share on other sites More sharing options...
ow do Posted January 6, 2013 Author Share Posted January 6, 2013 Well I bought the house on my own 2 years ago but going forward it doesn't matter, it's just about getting the best mortgage we can. My partner will be returning to work around August/September when We can find a new job Link to comment Share on other sites More sharing options...
Expat owl Posted January 6, 2013 Share Posted January 6, 2013 Congratulations on the forthcoming baby but don't be surprised if you get the cold shoulder from a variety of lenders. Best to start with your existing lender and see what they can offer. Link to comment Share on other sites More sharing options...
ow do Posted January 6, 2013 Author Share Posted January 6, 2013 That's sort of what I was expecting. Cheers for your help though Link to comment Share on other sites More sharing options...
Kid Sampson Posted January 6, 2013 Share Posted January 6, 2013 Won't you just go onto the SVR at the end of the term? If you are sure your partner will be in work in August you could ride it out till then on the Standard Rate and then shop around when your circumstances are better. Link to comment Share on other sites More sharing options...
TheTwirler Posted January 6, 2013 Share Posted January 6, 2013 If you are staying with your existing lender there shouldn't need to be an assessment of income again, unless you want to increase your lending or change the ratio of interest/repayment that you currently pay. Link to comment Share on other sites More sharing options...
Guest sibon Posted January 6, 2013 Share Posted January 6, 2013 Give your lender a call and ask them what they can offer you. At worst, you will end up on SVR. At best, they might offer you a new deal, without checking your circumstances. If they do decide to explore your circumstances, you might want to talk to them about either extending the loan or going interest only for a year or two. That will give you time to sort out jobs, babies etc. Link to comment Share on other sites More sharing options...
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