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Remortgage advice as partner now Self Employed!!
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nooksky
Posts: 218 Forumite
Hi, I am looking for some remortgage advice please. My partner and I have a £98K mortgage with Nationwide which is coming to the end of the 2 year tracker next month. We have a term of 21 years left. When we took the mortgage out we were both earning full time and earnt just enough to get the mortgage we have. We are quite good with our money (this site has taught us a lot!! 
) and have made overpayments of £3k over the last 2 years which we used to reduce the term.
However, 7 months ago my partner gave up his full time job and became self employed. The first 3 months were spent promoting the business and after that he started to earn per month roughly half of what he would have earnt previously. 2 things are worrying me:
1. If we look to remortgage to a different company, surely as we are not earning as much at the moment, most companies will not lend us the money.
2. If this is the case and we stay with Nationwide, will they look into our earnings if we remortgage with them and potentially refuse to remortgage us??
We have seen that Nationwide do a lifetime tracker at 4.79% which we can switch to a fixed at any stage and only have to pay the arrangement fees again, so this is the deal we are thinking of taking of taking up at the moment.
Any advice would be appreciated. Many thanks.
) and have made overpayments of £3k over the last 2 years which we used to reduce the term.However, 7 months ago my partner gave up his full time job and became self employed. The first 3 months were spent promoting the business and after that he started to earn per month roughly half of what he would have earnt previously. 2 things are worrying me:
1. If we look to remortgage to a different company, surely as we are not earning as much at the moment, most companies will not lend us the money.
2. If this is the case and we stay with Nationwide, will they look into our earnings if we remortgage with them and potentially refuse to remortgage us??
We have seen that Nationwide do a lifetime tracker at 4.79% which we can switch to a fixed at any stage and only have to pay the arrangement fees again, so this is the deal we are thinking of taking of taking up at the moment.
Any advice would be appreciated. Many thanks.
*Don't let the b******s get you down *
*0
Comments
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If your with the Nationwide already they are unlikely to check your income if it is just a change of product. As they already know you and your record of paying i dont think they will check your income per se.
Ring them up say you have been offered a great deal from "insert name of Building Society" and say what can you do to help me?After all the searching life is what i make it!0 -
My advice is that nobody on here can speculate or comment without details of your earnings, amount of mortgage and outstanding debts. There will no doubt be a lender out there that will help you, and the best way of gaining this knowledge is to speak to a fee's free whole of market mortgage specialist.
HTH and GL
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:My advice is that nobody on here can speculate or comment without details of your earnings, amount of mortgage and outstanding debts. There will no doubt be a lender out there that will help you, and the best way of gaining this knowledge is to speak to a whole of market mortgage specialist.
HTH and GL
MM
as always- so true MM.
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
Thank you SS. Long time no posts I notice, why is that?
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:Thank you SS. Long time no posts I notice, why is that?
MM
just been really busy! all work and no play! :eek:I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
Perhaps you need to play a little more...
let me give you a pair of postcodes to put into satnav and see where you end up:)I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Oh you two,
Get a room. 0 -
LOL I don't think so somehow!!!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:Perhaps you need to play a little more...
let me give you a pair of postcodes to put into satnav and see where you end up:)
I'm totally sick and tired of the sight of my satnav! It's the west to north london commute that is killing my chances of beoming an "ever so regular". Maybe i should try 3G whilst being overtaken by pedestrians?
I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
Ah the beauty of living in the middle of nowhere, I roll out of bed, into my car and floor it to work every day at 80mph on country roads narrowly escaping death overtaking four long vehicles at once. You don't know what your missing up here Dave. or do you?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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