Mortgage Query re Wife and restructuring

moneymatters

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I purchased a house which is in my sole name and the mortgage is also in my sole name. All payments to date have been made directly out of my own bank account. My query is can a lending institution seek details of my wife's income and outgoings in restructuring a mortgage? I want to try and reduce my mortgage payment to interest only as I am envisaging cash flow problems in the near future due to a reduction in wages.

Thanks in advance
 
They will want to see the household income, that's logical, and if you want a restructure, then I suggest you help the bank.
 
They will want to see the household income, that's logical, and if you want a restructure, then I suggest you help the bank.

Thanks for that. I would be fully co-operative just unsure of whats normally asked for by the bank. I was looking to go interest only for a few months as I hope this will be temporary only.
 
I suppose one other thing I wish to ask is that I have a hire purchase loan for a motor vehicle with the same institution I have my mortgage with. My mortgage is a tracker rate and I am just wondering is it possible for the loans to be merged without losing the tracker rate.
 
Mortgages don't get merged per se, what happens is a new mortgage would be issued, but this is not going to happen for a car loan.

In any case it's madness to put short term debt, ie car loan, on the long term.
 
Thanks for that. I'm just trying to reduce my current outgoings as much as possible so exploring all options.
 
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