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Hopefully an easy question, end of current fixed term is coming up and it'll be time to sort out a new mortgage.
In the time since we last discussed this my wife has stopped working full-time and is now temping or working for herself, but not earning a significant amount.
Our mortgage is approximately a quarter of my income a month, so affording it isn't a problem. We also have money aside to cover it should I be out of work for a prolonged period.
So when it comes to remortgage, do we declare her change in employment, do I drop her from the mortgage to make the paperwork easier, or do I just keep quiet and carry on? If I do keep quiet what are the problems related to this?
Any advice greatly appreciated.
We kept quiet and carried on. Can't see how there can be a problem if you pay the mortgage. Maybe an issue if you default but if the payments are small and you have equity that is unlikely and not a big deal
If you get a new deal with the same company they probably will NOT ask for supporting documentation ... 3 months payslips, P60 bank statements etc.
A new mortgage provider definitely will.
You can't 'drop' her from the mortgage without carrying out a transfer of equity, involving sols and more time and money. It is likely that they will ask for pay slips but you're existing mortgage company would likely give you a new deal even if you're income isn't enough. I work for a bank in the mortgage dept. give them a ring and ask.
All useful info so far, cheers all.
And jekkyl - point taken about making it a single policy holder, I was thinking it might be difficult.
You can keep her on the mortgage, but have the affordability assessment made just on your income if that's enough and simpler. That's what we did, my wife's status was a bit up in the air (on maternity leave so officially employed, but unlikely to go back full time), but we could borrow the amount we needed just based on my salary, so went with that to avoid any possibility of having misled anyone.