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Depending on your self employment, currently we’d be working off your April 2018-2019 so if these are healthy then you may be able to secure a deal with a different lender.
Worst case you should be able to stay with your current provider and get an existing customer deal, what rate it will be and which one you should choose depends on the lender you are with.
Also typically you can start securing these 3 months in advance so for you it’s would be 1st April?Some lenders have announced that payment holidays won’t affect product transfers and remortgages, but not all have come out with guidelines yet.
I’m a mortgage broker so if you (or anyone else) want advice or help on the matter, PM me, happy to help.
Acliff-
Thanks @TW and @Acliff
I guess the main question would be 'are brokers obliged to tell lenders if you confide in them that your concern is perceived affordability' or is it moot and the case that there'll be checks even if you elect to stay with the lender (in our case Clydesdale).
So, if I voiced these concerns to current broker and said I'd prefer to stay with Clydesdale to avoid affordability checks are they obligated to tell that to Clydesdale regardless of whether I elect to proceed with them?
Was reading (in a fugue state last night) about modified affordability assessment which seemed like a silver lining (on paper at least I would fit the bill - not missed a payment / not looking to borrow more / just looking to not get forced onto a duff deal as we've had a lower income than when we applied. (We intentionally had a year or two of higher incomes to help our application but always wanted to return to lower figures to spend more time with kiddo).
CYOA
Our two-year fixed runs out at the end of June I think. L&C (our broker for first-time buyer fun back in 2018) has been in touch to get a new deal. We're self-employed and affordability was a big struggle last time as turnover was good but most things were allowable expenses so our profit appeared minimal. Getting corona'd in a big way at the moment work-wise so looking at a holiday. If we take them up on the current offer, are the lender obliged to overlook it?
On the other hand, when they do their affordability checks if they deem we can't afford to continue (even though we could, even, at a pinch, with coronafun) what is the actual outcome? Do they just up the interest rate so high that you have no choice but to default?