Re-mortgage but now self employed ???

Is_it_just_me?

Hello

My husband & I have a joint mortgage with the Bradford & Bingley and have been a loyal customers for 11 years (never missed a payment). We have just come out of our 3 year fixed term and due to B&B not offering any deals for re-mortgage, we are having to shop around because we like the security of fixed term mortgages.

We were given details by B&B of a Financial Advisor who was very helpful and couldn't see any problems when I explained that our situation had changed quite drastically since we signed up for our last mortgage - I was now employed p/t since having a baby and my husband was now Self Employed with only Self-Cert Accounts ( but we have never ever missed payments for any credit that we have had or have.

We were offered a deal (subject to valuation) with the Woolwich, which was a great deal fixed for 3 years moving to a variable tracker thereafter. We produced proof of employment for me /proof of earnings for my husband & various other forms of ID and were told the money had been secured so we paid £175 for a valuation knowing that we had plenty of equity in the property (£96k outstanding / property valued 18 months ago at £180k). Unfortunately, the valuation came back at £128k because the Surveyor used a property valuation tool that you find on the web and goes on the post-code (???) so takes an average (???). The F.Advisor is fighting to get our money back because this valuation is totally unsatisfactory & incorrect and in the meantime, she placed us with the Nationwide. So again, we paid £99 set up fee and started again (with a free valuation that came back at £170k). But....my husband has a Company van paid for by his business - because this is showing on the credit search as a loan and I didn't declare this (I just didn't think about it with it being a Company vehicle), the Nationwide are now saying that unless we have Audited Accounts, they will not proceed with the mortgage application and that our outgoings are more than what we stated.

This re-mortgage has been going on now since the beginning of August and I am just so fed up with it all but feel unsettled because if the interest rates go up, we could end up paying through the nose and I'd rather have the extra cash in my bank then in theirs (

Any suggestions would be greatfully received !!

mortgage-adviser-now

Is_it_just_me? wrote: »

Hello

My husband & I have a joint mortgage with the Bradford & Bingley and have been a loyal customers for 11 years (never missed a payment). We have just come out of our 3 year fixed term and due to B&B not offering any deals for re-mortgage, we are having to shop around because we like the security of fixed term mortgages.

We were given details by B&B of a Financial Advisor who was very helpful and couldn't see any problems when I explained that our situation had changed quite drastically since we signed up for our last mortgage - I was now employed p/t since having a baby and my husband was now Self Employed with only Self-Cert Accounts ( but we have never ever missed payments for any credit that we have had or have.

We were offered a deal (subject to valuation) with the Woolwich, which was a great deal fixed for 3 years moving to a variable tracker thereafter. We produced proof of employment for me /proof of earnings for my husband & various other forms of ID and were told the money had been secured so we paid £175 for a valuation knowing that we had plenty of equity in the property (£96k outstanding / property valued 18 months ago at £180k). Unfortunately, the valuation came back at £128k because the Surveyor used a property valuation tool that you find on the web and goes on the post-code (???) so takes an average (???). The F.Advisor is fighting to get our money back because this valuation is totally unsatisfactory & incorrect and in the meantime, she placed us with the Nationwide. So again, we paid £99 set up fee and started again (with a free valuation that came back at £170k). But....my husband has a Company van paid for by his business - because this is showing on the credit search as a loan and I didn't declare this (I just didn't think about it with it being a Company vehicle), the Nationwide are now saying that unless we have Audited Accounts, they will not proceed with the mortgage application and that our outgoings are more than what we stated.

This re-mortgage has been going on now since the beginning of August and I am just so fed up with it all but feel unsettled because if the interest rates go up, we could end up paying through the nose and I'd rather have the extra cash in my bank then in theirs (

Any suggestions would be greatfully received !!

Yes - change your Adviser.

herbiesjp

Can only agree with the above

Shoddy advice to put it mildly! How did the adviser expect to get the case agreed with Nationwide without accounts????