Remortgage - Husband employed, Wife self-employed

schoey123

Hi Guys,

Our mortgage product (5.19% fixed rate) expires in 12 months. In about 9 months i need to start thinking about new mortgage products.

Now since we took out our existing mortgage the only change has been that my wife has gone from employed to self employed.

How will this change, in in my wife's employment status, affect our mortgage options ?

FYI the mortgage is 140k debt against value of 185k (roughly 75% LTV).

I earn 34k pa, my wife's self employed income is rougly 20k.

Thanks for any advice

kingstreet

If you take a product transfer with your existing lender, there should be no further status checks, so you'll be fine.

Moving to another lender may be troublesome if she doesn't yet have two years accounts. They may exclude her income and at over four times your gross annual, you may struggle to get the amount you need, particularly if you have other credit commitments.

I suggest you revisit the issue next year when your circumstances will be clearer, as, at worst, you should be able to get a new deal from your current lender.

Thrugelmir

If your mortgage allows consider overpaying if you can afford to. As the LTV is marginal at 75% as it currently stands.