My son and his partner bought a new build with Help to Buy - do they now 欠如（する） the income to remortgage?

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My son and his partner brought a new build 所有物／資産／財産 in July 2019 for £280,000 with a mortgage through 全国的な Building Society.?

This was 基金d through a deposit of £48,000, a mortgage of £176,000, and a 政府 20 per cent 利益／興味-解放する／自由な Help to Buy 貸付金 of £56,000.

During the pandemic, both my son and his partner lost their 職業s. He has retrained as a carpenter on around £26,000 per 年.?

His partner however is too unwell to work, and receives 十分な?Personal Independence 支払い（額） (PIP), which I believe is around £9,000 per year.

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Mortgage hel p: Our 週刊誌 Navigate the Mortgage Maze column sees 仲買人 David Hollingworth answering your questions

They are now approaching the end of their five year 直す／買収する，八百長をするd 率 mortgage を取り引きする 全国的な (July 2024), and I am 関心d they no longer have 十分な income to 新たにする to a new mortgage 取引，協定.

Their 所有物／資産／財産 is now 価値（がある） approx. £350,000, their 優れた mortgage is £150,000, and their 政府 貸付金 will be £70,000 (20 per cent of the house value).

Ideally they need to 新たにする or 増加する their mortgage to £220,000, but with only £35,000 共同の income (I assume 利益s are classed as income?), I worry they may fail an affordability 実験（する）.

They also have £30,000 in 雨の day 貯金.

Could you please 明らかにする what 選択s are open to them, and how best to proceed? W.B, via email.

David Hollingworth replies:?The Help to Buy 公正，普通株主権 貸付金 was a 政府 支援するd 率先 that 申し込む／申し出d an 公正，普通株主権 貸付金 of up to 20 per cent of the 購入（する） price (40 per cent in London) on new homes.?

The 買い手 only had to put 負かす／撃墜する a 最小限 5 per cent 出資／貢献 as deposit and therefore 要求する a mortgage 同等（の） to 75 per cent of the 所有物／資産／財産 value.

> What next for mortgage 率s and should you 直す／買収する，八百長をする??

公正，普通株主権 貸付金 cost?

The 公正，普通株主権 貸付金 is 利益／興味 解放する／自由な for the first five years which is why the 近づいている 周年記念日 carries such significance, 同様に as the fact that the mortgage 取引，協定 ends.?

After the first five years the 貸付金 carries an 利益／興味 告発（する），告訴（する）／料金 of 1.75 per cent in year six which then rises each year by 消費者物価指数 加える 2 per cent.?

In your son's and partner's 事例／患者 the 月毎の cost will be just under £82 per month in the sixth year.

The 公正，普通株主権 貸付金 can be paid off at any time but will be 同等（の） to the same 百分率 of the 現在の 所有物／資産／財産 value as 初めは taken.?

As a result of the growth in the 所有物／資産／財産 value the repayable 量 will have 増加するd if they 手配中の，お尋ね者 to 支払う／賃金 it off.?

Based on the 現在の value the 公正，普通株主権 貸付金 would now 量 to £70,000.

It's possible to 支払う／賃金 off part of the 公正，普通株主権 貸付金 rather than the whole 量, although that is a 最小限 of 10 per cent of the 所有物／資産／財産 value 一般に equating to half of the 貸付金.?

The 量 repayable will also need to be decided through an 独立した・無所属 valuation and 行政 料金s are payable 同様に.

A good 取引，協定 of 貸す人s will not 申し込む／申し出 a remortgage where the 公正，普通株主権 貸付金 will remain in place and may 要求する the 公正，普通株主権 貸付金 to be fully repaid on 完成.

> Check how much would you would 支払う／賃金 with our best mortgage 率s calculator?

Affordability

As you rightly identify, the 重要な challenge will be the change in personal circumstances.?

A 批判的な 問題／発行する for remortgage 選択s and if raising 付加 基金s will be 会合 the 貸す人's affordability 基準.?

This will take account of income and 去っていく／社交的なs to make an individual 査定／評価 of how much they can borrow.

利益 income will be 受託するd income for many 貸す人s but some may only take a 割合 of that income into account.?

批判的な:?A major 問題／発行する for remortgage 選択s and if raising 付加 基金s will be 会合 the 貸す人's affordability 基準

Some may only factor in 60 per cent, say, of a Personal Independence 支払い（額） into the affordability 計算／見積り, 反して others will be more generous. Others may want some 解明 that the 支払い（額） is 保証（人）d to be 永久の going 今後.

If your son has gone self 雇うd as a carpenter then he will typically need to 証拠 income through a couple of years of 税金 self 査定／評価 or accounts.

Although affordability isn't a one size fits all income 多重の, borrowing enough to 支払う／賃金 off the entire 公正，普通株主権 貸付金 would 量 to 井戸／弁護士席 over 6x income, assuming that the entire income will be factored into the 査定／評価.

> Thinking of remortgaging? Our guide to finding the best 取引，協定 and sw itching.?

保持する the 公正，普通株主権 貸付金

It's possible to continue without 返すing the 公正，普通株主権 貸付金. Although in 最近の years mortgage 率s looked favourable compared to the 利益／興味 告発（する），告訴（する）／料金 on the 公正，普通株主権 貸付金, rising 利益／興味 率s have changed that.

It may be possible to switch but the 存在するing 貸す人 may 申し込む／申し出 a useful 代案／選択肢 選択.?

That would enable the 存在するing mortgage to be switched の上に a new 取引，協定 on a like for like basis without any その上の affordability and credit checks.?

This will 確実にする that your son and his partner are not 支配する to the 基準 variable 率 and they could elect to 直す／買収する，八百長をする their 率 again, if that's their preference.

There will be the 月毎の cost of the 公正，普通株主権 貸付金 to 競う with but that will be cheaper than an 同等（の） mortgage 率 in the 現在の 気候.?

重さを計るing up the costs:?It's possible to continue without 返すing the 公正，普通株主権 貸付金, によれば Hollingworth

What we don't know is whether the ultimate cost of the 公正，普通株主権 貸付金 will rise その上の if the value 増加するs but market activity has 一般に slowed and the indices are now 報告（する）／憶測ing 減少（する）s.?

The 公正，普通株主権 貸付金 does 株 in any downside movement in prices 同様に, so if prices 落ちる so would the 公正，普通株主権 貸付金.

The ability to 支払う／賃金 off the 公正，普通株主権 貸付金 may 井戸／弁護士席 be out of reach for now but hopefully this gives some 安心 that they will have a 取引，協定 利用できる to them.?

全国的な will typically 申し込む／申し出 競争の激しい 条件 to 存在するing 顧客s and it will also 避ける the need to 捜し出す 同意s from the Help to Buy 行政官／管理者, which can carry cost and take time.

They can lock in a 取引，協定 as much as six months before the end of the 現在の 取引，協定, so should 捜し出す advice at that time and a 仲買人 will be able to look at the 存在するing 顧客 選択s 同様に as other 貸す人s.