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New mortgage deal and OH's self employed
junglebook
Posts: 8 Forumite
Hi
Am looking for some advice. Our 2 year fixed rate runs out in June (think it's 5.3%) and we're unsure what to do. Our LTV should be at least 20% hopefully 25% as am getting house valued soon. Am thinking of swtiching to our lender's SVR initially: it's Abbey and think it's about 4.4% so we would be abouit £200 amth better off (IO). Not sure whether to try and a new deal in place for a few mths time as ma hoping we should be able to get a better rate.
Prob is OH is self emplyed and I am now working PT as got a LO so our combined salaries aren't enough to get one of the good deals. Our financial advisor has advised us to speak to husband's accountant to see if he can validate a figure or if that fails we can fast track as we did initially. This would limit our deals but not sure we have much choice!
Any advice/comments welcome please!
Thanks
Am looking for some advice. Our 2 year fixed rate runs out in June (think it's 5.3%) and we're unsure what to do. Our LTV should be at least 20% hopefully 25% as am getting house valued soon. Am thinking of swtiching to our lender's SVR initially: it's Abbey and think it's about 4.4% so we would be abouit £200 amth better off (IO). Not sure whether to try and a new deal in place for a few mths time as ma hoping we should be able to get a better rate.
Prob is OH is self emplyed and I am now working PT as got a LO so our combined salaries aren't enough to get one of the good deals. Our financial advisor has advised us to speak to husband's accountant to see if he can validate a figure or if that fails we can fast track as we did initially. This would limit our deals but not sure we have much choice!
Any advice/comments welcome please!
Thanks
0
Comments
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Quote: "we can fast track"....fast track does not mean self cert!0
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I know! Hence why I am looking for some advice!!0
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Heres some actual advice:-
Get the hell away from a Financial Advisor who is telling you to abuse the Fast Track system and commit fraud.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 -
Stay on svr and overpay as much as poss to bring down ltv..0
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VIGILANT22 wrote: »Stay on svr and overpay as much as poss to bring down ltv..
The fact you are on interest only narrows your options , so as Vig says "overpaying" is almost a necessity. How are you intending to repay the mortgage ultimately?0 -
we are putting money aside and aiming to pay off lumps annually. When we moved we did an extension so needed any spare cash to finish it off. We were told this would be better for us initially than repayment mortgage
We are keen on looking to change to a repayment mortgage if we can get one!0 -
When your rate ends in June and you're on svr you can pay as much as you want regardless of whether this is repayment or interest only............0
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