Hi,
Our mortgage is fixed rate and reverts to 1.99% in a few months time. We currently owe £193k. My salary is £36k gross and my wife is now a stay-at-home mum, self-employed working some evenings from home earning a variable salary of around £400 per month. At least until she can return to work full-time I thought perhaps an interest only mortage would be a good option however with our current salaries it doesn't seem we would earn enough for the providers to consider lending. I don't think we can switch mortagage types with the same provider, it would need to be a new mortgage. If you have any advice on how to get a better deal, or ways around the salary check, I'd be pleased to hear from you. We're in a real bad way at the moment.
Thanks
Our mortgage is fixed rate and reverts to 1.99% in a few months time. We currently owe £193k. My salary is £36k gross and my wife is now a stay-at-home mum, self-employed working some evenings from home earning a variable salary of around £400 per month. At least until she can return to work full-time I thought perhaps an interest only mortage would be a good option however with our current salaries it doesn't seem we would earn enough for the providers to consider lending. I don't think we can switch mortagage types with the same provider, it would need to be a new mortgage. If you have any advice on how to get a better deal, or ways around the salary check, I'd be pleased to hear from you. We're in a real bad way at the moment.
Thanks