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Want to switch existing mortgage but less income than when originally approved

tvc15 · 2016-10-17 15:43:42

When the mortgage was approved we had two incomes but we since had another child and my wife has quit work for a couple of years until free playschool kicks in. Anyway, 4th year of the mortgage and apparently the house value has changed enough to get us well into >80%LTV. This would get a much better rate but we would come…

17-10-2016 3:43pm

#1

tvc15

Registered Users, Registered Users 2 Posts: 325 ✭✭

Join Date: February 2012

Posts: 281

When the mortgage was approved we had two incomes but we since had another child and my wife has quit work for a couple of years until free playschool kicks in.

Anyway, 4th year of the mortgage and apparently the house value has changed enough to get us well into >80%LTV. This would get a much better rate but we would come up just short of standard mortgage approval.

I think I know the answer but can anyone confirm that we would actually not be able to switch mortgage companies?

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Comments

#2 17-10-2016 3:59pm

Michael D Not Higgins

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Posts: 6953

Any switch of mortgage would be subject to CBI rules. If you don't qualify on a single salary you won't be able to move it.

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#3 17-10-2016 7:30pm

L1011

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Posts: 67860

Your own bank will likely allow an LTV change; this would not be subject to any rules. I have just moved from the >80 to <60 rate with BOI and it was treated as a standard end of fixed situation.

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