We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
need some mortgage advice
cj0nes
Posts: 1 Newbie
Dear Friends,
My wife and I have been homeowners for 4 years and have a mortgage with "Mortgage Express".
Within that 4 years we've become parents and since august last year my wife has started working self employed but has a permanent contract which pays her 18K p.a.
I myself work self employed and have a small company which brings in an alternative income, on average I bring home 40K.
Now are family has expanded and are home hasn't we need to move, we bought our place for £230,000 with a 10% deposit and we are selling it now for £270-275,000.
Now Mortgage Express is no more and can't lend us anymore (they can give us less or maybe port existing but not lend any additional), they won't recognize my wife' income as she only has accounts from last august (time off having baby etc...) and we need to buy another property for about £270-275,000.
need some tried and tested expert advice please?
Kind Regards
Mr Jones
My wife and I have been homeowners for 4 years and have a mortgage with "Mortgage Express".
Within that 4 years we've become parents and since august last year my wife has started working self employed but has a permanent contract which pays her 18K p.a.
I myself work self employed and have a small company which brings in an alternative income, on average I bring home 40K.
Now are family has expanded and are home hasn't we need to move, we bought our place for £230,000 with a 10% deposit and we are selling it now for £270-275,000.
Now Mortgage Express is no more and can't lend us anymore (they can give us less or maybe port existing but not lend any additional), they won't recognize my wife' income as she only has accounts from last august (time off having baby etc...) and we need to buy another property for about £270-275,000.
need some tried and tested expert advice please?
Kind Regards
Mr Jones
0
Comments
-
You say you are selling exisiting for £270-275k and buying a new property for the same price. Can you port the current mortgage or are Mortgage Express not willing to do this due to income?
Can you provide accounts/accountants reference showing 40k earnings and if so for how many years? Can wife prove the 18k contract?
What is the mortgage balance at present and how much do you need to borrow in total? What is the purchase price of the new property?I am a Mortgage AdviserYou 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards