Mortgage further borrowing

critterfritter

Hi there

I hope someone can help me on this.

I have a Nationwide mortgage over 26 years ( currently in year 4 ). When I took this mortgage out with my partner we were both employed by companies, however now we are both self employed for 2 years.

We are able to comfortably able to keep up mortgage payments but now I see they have withdrawn the self cert mortgages will this be a big problem with further borrowing as we want a bigger house? We borrowed 120k but would want another 60-80k to finance new house purchase

We clear about £2500 as a salary from the business direct to a current account which is the same as we have always had go into it to pay mortgage/bills etc however its hard to prove the income as it fluctuates so much each month, but it is increasing though.

Any information or help greatly appreciated

getmore4less

Before considering the self empoyed aspects

Netting £2500 is around £41k as a single salary or about £38k as a joint income.

£180k-£200k

so salary multiple 4.4-5.3 which on the high side.


Whats the house purchase price so what's LTV looking like?

Savings for costs put to one side?

critterfritter

basically my current house has held its value which is worth around 130k, I borrowed 120k so ideally would want another 80k.

I have savings totaling around 15k in the bank which i want to use some of for renovations ideally

I have seen a couple of properties around the 200k mark...

as i have only been self employed for a short time will this too be problematic as i hear many require 3 years of books and what i dont want to do is have them suddenly say to me that I cant have more as my circs have changed alot, again my salary is more than sufficiant to pay the mort and have never defaulted

thanks

getmore4less

Even if you were employed you would struggle

£10k + £15, less costs, less refurb, on £200k say 90%+ LTV at 4.5-5.3 multiples.