Self certification remortgage to pay off loans?

reddave

My wife and I have a self certification mortgage with northern rock for £80k, taken out about 8 years ago. The house is now worth about £180k. Could we remortgage to £115k to pay off £35k credit card debt?

The good news : we've got an excellent credit record and haven't missed any mortgage, loan or credit card payments.

The bad news : with so much debt, our monthly outgoings are very high, largely trying to meet the loan and credit card repayments.

We're both in our early 50's. I'm self employed and my wife is a supply teacher, earning between 1k and 1.6k a month. I earn around 2k a month.

Any advice would be much appreciated!

_Andy_

It's possible yes.
Why do you feel it needs to be self-certified though?
Are you able to prove your income?

reddave

Hi Andy,

Just thought self certification was the only option since I'm self employed and my wife's income is irregular.

I thought too, once lenders looked at our current loan obligations, they'd turn us down. Also, wouldn't £115k be above our range (eg 3 x annual income)?

That said, I don't know what income equation lenders are using these days.

_Andy_

What is your average net profit per year and do you have accounts?

reddave

Yes, I have accounts. I was making around 24k but the last 2 years its down to around 20k profit a year.

Any ideas?

koexelek

A good chance you could do that full status.
I guess it will depend on how stable your wife's income is though

reddave

Thanks for the information.

If you'd like to arrange it, could you send a pm

Thanks

maninthestreet

reddave wrote: »

Thanks for the information.

If you'd like to arrange it, could you send a pm

Thanks

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