Both self employed will it be harder to get a mortgage?

Little_Chicken

Hi people, hubby and I are about to re-mortgage as our fixed-rate is coming to an end. We are both self employed. He has a Ltd company and the required 3 years of accounts.

I've only been self employed for 12 months, but have 3 months bank statements. We have about 50% equity in our house and are looking at a £340k loan, interest only as I'm going to take some time off work this year.

Just wondered if you guys thought it would be more difficult - than say last year to get a mortgage.

We earn about £150k - maybe a bit more between us.

feisty1

u'll be fine even if yr income is reduced, check first with yr existing lender to see what they can offer you......

Little_Chicken

feisty1 wrote: »

u'll be fine even if yr income is reduced, check first with yr existing lender to see what they can offer you......

Thanks. Will do. I usually leave it to hubby, but have succumbed to all of the horror stories in the news and am starting to get paranoid. :o:o:o:o

feisty1

Little_Chicken wrote: »

but have succumbed to all of the horror stories in the news and am starting to get paranoid.

Don't worry, the people who are really suffering are low income, high loan to value, additional borrowing and no appropriate insurances in place should illness, redundancy occur.............

Little_Chicken

feisty1 wrote: »

Don't worry, the people who are really suffering are low income, high loan to value, additional borrowing and no appropriate insurances in place should illness, redundancy occur.............

I hope I didn't sound like someone who doesn't care about other people's difficulties. I know that others are way more vulnerable, and we are lucky to have a good amount of equity, and we don't have any children to worry about.

Sorry if I did come across as selfish, i was just looking for a bit of reassurance from a more objective audience.:A

feisty1

no no don't worry, one of my clients in the same situation as you called me the other day and asked, "will I be able to rtmg", why ever not i asked, like you he said all the media hype!

Ian_Griffiths_Halifax

What are your split incomes? If your husband earns £100k+ on his own and you have no income, then there will be lenders who will look at the remortgage without your own income.

Alternatively, there's always the option of staying with your current lender if they are offering better rates than switching to another lender.

Little_Chicken

Ian_Griffiths_Halifax wrote: »

What are your split incomes? If your husband earns £100k+ on his own and you have no income, then there will be lenders who will look at the remortgage without your own income.

Alternatively, there's always the option of staying with your current lender if they are offering better rates than switching to another lender.

That's what I thought....He had the original mortgage on his own income about 8 years ago.

Thanks, I feel a bit better now. Although not that he earns almost twice as much as me.:rolleyes::rolleyes::rolleyes:

chalkie99

Little_Chicken wrote: »

We are both self employed. He has a Ltd company and the required 3 years of accounts.

If he has a Ltd company then presumably he is an employee of that company and not self employed.

feisty1

income is what is important.......alongwith the other usual factors required for a mortgage ...& "he" has been established/employed for some time.....and is a low risk with a low LTV

Ian_Griffiths_Halifax

chalkie99 wrote: »

If he has a Ltd company then presumably he is an employee of that company and not self employed.

Most lenders will treat him as Self Employed if he is a Ltd Co Director with a 25% or more shareholding.