Self-employed

cltrans

Hi,
I’m sorry if this is a bit long, I’m trying to keep it as short as possible. We are a self-employed couple trading as a company. We are remortgaging as our five-year fixed rate period (self-certificating, 5.85%) ends in June 2010. We now have four years worth of accounts, which show a reasonably healthy growth although with the usual issue of our accountant reducing tax liability as much as he can. Our LTV is slightly over the 60% mark. We have a bank loan of £6,500 (repaid in full by April 2011) and a car loan of £6,400 (repaid in full by September 2011). Credit card loans are just under £10,000 between us but being steadily repaid.
The question is should we go with our lender’s SVR (currently 4.99%) until the loans are paid off, and then look for a better/any deal? Should we move to a tracker rate, also until the loans are paid off? Should we go for a new five-year fixed rate?
Any suggestions would be very gratefully received. Thanks.

Conrad

Some lenders can add certain business 'expenses' back into your income so as to enable higher borrowing.

herbiesjp

You can only decide which scenario to go for, when you know which scenarios are actually available to you.

For example, if you income is not sufficient to support the debts and mortgage in the eyes of a new mortgage lender then that solves that question for you.

Who is your current lender?

So you would really need to post a lot more information or ideally discuss with a whole of market adviser, who would be able to tell you what options are available and then discuss the merits of those options with you.