Need to change my mortgage

daisy164

Hi

I'm in a bit of an unusual position and need some advice.

My mortgage fixed rate ran out in June, the same time as my maternity break started (having a six month break as not long had a baby) so we are currently accruing interest at a silly rate. We are with Northern Rock so they will not offer us a new rate due to their circumstances.

I was made redundant in April so do not currently have a job but have just registered as self employed as the cost of nursery fees means that it is not worth while going back to full time work (I have two children) and I am fully qualified in what I do so have the ability to work for my self and generate an income, although it will take time as with any new business.

We cannot get a mortgage big enough to cover our current debt on just my husbands salary as he does not earn enough so our current options are to stay with Northern Rock and pay a stupid amount each month or for me to go back to work full time and pay over £1300 a month for somebody to look after my children and then enough to also cover the mortgage.

Our break will run out in January.

Has anybody got any ideas or tips. I've spoken to a mortgage broker who said that if I can prove that I can get an income of £6k a year by the end of Sept they can sort me out a mortgage but I'm not sure I'll be able to get that many clients by then (I'm an accountant) although I'm doing all I can to make it happen.

Any advice or guidance will be gratefully received.

Thanks

minimike2

Whats the house value, mortgage amount and your husbands salary?

Any bad debts?

Any other credit outgoings?

daisy164

Hi

Sorry it has taken me so long to reply, I'm new to this site and still finding my way around!

The house was valued last year at £170k, the mortgage amount before the break was £141k. We have no bad debts but owe £10k on a credit card. We also have a bank loan of £15k with 8 years left to run.

My husbands salary is £24k.

Any ideas?

Thanks