self employed-looking for mortgage

juniperberry

bit of advice needed please

at moment, hubby and i have a fixed rate mortgage (rate runs out next year)

we are both unemployed at the mo ..and nearing the end of the road with savings!

hubby will be self employed in few weeks time

we want to sell our house and move to somewhere more affordable

1) would we get a mortgage before hubby started his business?
2) would he need wage slips to get a new mortgage

kinda desperate here, any advice greatly appreciated

xx

opinions4u

I invite the brokers to say otherwise, but I don't think you have a chance.

Sorry.

happybroker

sorry to say but it doesn't look such an attractive proposition I'm afraid, would love to be more positive.

if you are struggling then speak to your lender as soon as possible to see what help they might be able to offer you, speaking to them about it is always the best thing to do.

koexelek

happybroker wrote: »

sorry to say but it doesn't look such an attractive proposition I'm afraid, would love to be more positive.

The only potential positive is that if the OP does not move, hopefully their payments will go down when the fixed rate ends... assuming they are with a lender with a good SVR.

No chance of moving the mortgage whatsoever though

juniperberry

we have 90k of equity in our house...

would you suggest telling the lender all about our situation?

if we sold and downsized, would lender give us another mortage??

many thanks

Conrad

NO lender can grant a person a mortgage where the lender is aware the person has not beguan work, and this is made worse where a new business is being started.

The FSA that regulate all mortgage companies would deem such lending as irresponsible.

A broker merely by arranging such a loan is confirming he thinks the clients can afford the payments, however he would face a large fine and possibly worse if it later comes to light as clearly the broker has no evidnece tthat presupposes affordability will be met. Equity is completely irrelevant.

Buy to let might be worth a go, but if you then live there the insurance will be invalid unless its a leasehold flat.