Non Status Mortgage Advice

doris4779

I have a non status mortgage - from Birmingham Midshires about 7 years ago. I have never missed a payment. I am also paying at more than the minimum repayments. At the time it was fixed and we did pretty well on it. At the moment we are on a variable and would love to fix - but have been told we can't.

My husband and I were and and are still am running our own company. Which has kept us afloat - but due to normal reasons does not show an income large enough for me to re-mortgage or move house.

I have approximately 65K equity in the property. Mortgage is £135k ish

I would love to move but am now trapped due to being unable to get a mortgage.

Does any one have any advice on whether I could get another mortgage to move or remortgage.

VIGILANT22

Who has told you that you can't fix? BM allows customers to do product transfers without evidence of income up to 95% ltv....and by the figures you've posted you've posted you're under 70%.........is the rate you're currently paying 4.74%

doris4779

On my last phone call to BM they told me that I would effectively be reapplying for a mortgage and therefore as non status does not exist any more would have to show standard proof of income?
-Is that not so....I'm used to call centres been useless . so if it is different I would be grateful for any advice
Doris

doris4779

I think the rate is bank + 1.75 does that make sense...

VIGILANT22

Self-cert Fixed/
Product Transfer products
Available to existing Birmingham Midshires customers only.


Self-cert customers must not have had more than 1 months' arrears in the last 12 months on their Birmingham Midshires mortgage account, and must not currently be in arrears.

http://www.bm-solutions.co.uk/products/mortgages.asp?m_type=s&ret=1

doris4779

Thankfully we are not in arrears.
Many thanks for your help with this... for a re-mortgage.

Would this allow me to move house?

VIGILANT22

Hmm...I think this may be difficult...you're mortgage may well be portable...however they may well say the criteria no longer applies...no harm in asking...be prepared to hit some obstacles if they have already said you can't rmtg...but do quote the website..good luck

doris4779

Thanks for your help.