Advice Needed! Self Employed Remortgaging

ScottAnne

Any advice much appreciated.

My husband has been self employed since 2006. He has one years accounts 06-07 (07/08 in just now for completion). In May 2007 we took a 2 year fixed deal self cert with Northern Rock. At the time we had 25% deposit. The completion date for the mortgage was 31st Nov 2007.

Today I receive a letter saying our deal will end on 1st May 09, confused I phoned and asked 'why' as we did not start the mortgage until Nov 07 therefor I assumed the deal would expire in Nov 09, but not the case as the deal was taken in May and extended until the completion date.

So we now have to remortgage, only problem being, with the current market and limited offers, we are afraid we may not be able to go self cert again and do not have the 3 years accounts to go to high street banks. What if we actually cannot get the amount nexxessary to cover the mortgage we currently have?

What are the best options for us? Obviously we can stay on the SVR which is 5.09 just now (lower than our atual fixed rate of 5.79) but how long for and at what cost to us in the long run. Just do not know where to start with looking for another deal.

Thanks for reading, any advice really appreciated.

herbiesjp

Not all lenders want 3 years accounts - some will accept 1 years accounts with a projection for year 2 (which should be easy seeing as you have the accounts to hand for year 2)

What will be the NET profit in those two years?
What is your income?
What is the property value?
What is the mortgage amount needed?