If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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…

Options

17-10-2016 4:43pm

#1

tvc15

Registered Users 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?

0

Comments

Options
#2 17-10-2016 4:59pm
Michael D Not Higgins

Registered Users Posts: 7,223 ✭✭✭

Join Date: April 2013

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.

0
Options
#3 17-10-2016 8:30pm
L1011

Registered Users Posts: 68,902 ✭✭✭✭

Join Date: July 2002

Posts: 65784

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.

0