Mortgage advice

timbo04

Hi
I would be really grateful for some advice on the following -

We have just completed a self build which was funded by a self cert mortgage (selfbuild) which is £220k. We have just had the house surveyed and valued at £425k. We would like to remortgage to £300k and either rent the house out or use it for holiday lets (it's in a prime location in East Lothian). The problem is we know the mortgage market has changed and we cant get a self cert - my partner earns £38k, I am self employed and dont have accounts and we both have good credit ratings. We need to release equity to pay down the overspend in building the house.

The only other option would be to sell but we are loathed to do it as its a great house and I have just spent a year building it myself!

Any advice would be great!

Dan_1976

How can you earn enough to pay for a mortgage of £300k but have no accounts?

I would get some accounts sorted before you worry about a new mortgage. You are able to use your own accounting and tax submission, so maybe self cert is not needed?!

Micheal_Hilton

Call you mortgage company. Ask them if they can do a loan modification for you. They can usually modify your payments to be lower for 6 months to a year. This will help you while you try to sell the house.

Call up the title company you got your title insurance through. Tell them your situation, and that your husband is leaving. Since his name is probably on the house as well, he might have to sign when you receive a purchase agreement and when you sell it. They will also be able to refer you to a good realtor, who can put your house on the market. You might have to short sale your home because of the housing market right now, but worry about that later.

Conrad

TMW might do on a buy to let basis, to be let to one tenant. No income is required but the rent must be in the order of 125% of mortgage payment. Thier fee is massive.

They are a fussy lender so might not lend if they percieve you are under unsustainable financial pressure. They are particular about the property and surroundings - for example if close to a pub.