renewing a fixed rate interest only mortgage

[schrodingers cat]

hi everyone
i got a fixed rate mortgage a year ago for a term of two years about six months ago i lost one of the jobs i had that enabled me to get it,since then i have kept up payments and have no problem doing so the problem is the bank wont see my income as enough to pay it.is this going to cause a problem for me ?
dont think they can throw me out but will i have to go with the new interest rate or will i still be able to fish around for a better one
S.C

[gizmo111]

I'm not sure what you are asking - do you mean the new inteerst rate when the deal comes to an end?
The mortgage co are not interested in a change of circumstances, as long as you are paying your mortgage in full, on time.

[schrodingers cat]

sorry,been up too long what i mean is at the end of the two year term the interest rate goes up,that`ll put my payments up by nearly £200 a month.when i got the mortgage the girl said to me "come back before the term ends and we will find a new deal for you.will my reduced income mean i wont be able to get a new deal off them ? i suppose what i`m asking is will i have to go through all that do you earn enough to have this morgage debacle or will they just assume i`m still earning enough to cover it and will this tie me to my original mortgage providor.hope this makes sense i`m sooooooo sleepy (milkman hours )
thanx
S.C

[gizmo111]

Each comany has different criteria when renewing, but it is likely that an income and credit check is completed before you are offered a new deal. As it is over a year away, I wouldn't worry about what the market may be offering just yet. But if you don't meet your current lenders criteria for a new deal, there will be others who you may - it will be a case of searching the market when your deal is nearer to ending.