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porting mortgage
oneeye1
Posts: 231 Forumite
hi guys
i have a mortgage for approx 48000 with woolwich thru barclays which is fully portable.had it for about 3 years never missed a payment when we got it we gave no evidence of earnings.things have been bad work wise for last 2 tax years 14,500 and approx 10000 so we have took offer of taking over my retirng in laws 2 pet shops as the money hopefully should be much better(it is for the in laws ).it is on other side of country so have had to sell house.
when i contacted mortgage co they told me i would need 2 years tax returns or if paye 2months returns even tho not needed originally and even tho we shud be earning no will be earning more and never missed a payment .does this sound right.
now they also said they lend upto 4 x earnings which if you took my average over last 2 years is 12000 and my mortgage is about 48000 it is very tight is there a chance of a knock back and if so what are the future concequences of this.
thanx
i have a mortgage for approx 48000 with woolwich thru barclays which is fully portable.had it for about 3 years never missed a payment when we got it we gave no evidence of earnings.things have been bad work wise for last 2 tax years 14,500 and approx 10000 so we have took offer of taking over my retirng in laws 2 pet shops as the money hopefully should be much better(it is for the in laws ).it is on other side of country so have had to sell house.
when i contacted mortgage co they told me i would need 2 years tax returns or if paye 2months returns even tho not needed originally and even tho we shud be earning no will be earning more and never missed a payment .does this sound right.
now they also said they lend upto 4 x earnings which if you took my average over last 2 years is 12000 and my mortgage is about 48000 it is very tight is there a chance of a knock back and if so what are the future concequences of this.
thanx
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