Mortgage when paid on dividend

Leon_W

You can port your mortgage as long as you meet the lenders CURRENT lending criteria. Basically they can change this to whatever they want so if you borrowed when their criteria was 5x income but new criteria is 3x income then this can obviously have a drastic effect.

You quickly need to speak to Halifax as they will have the quick answers you need but, as others have said, because you are self employed and have no accounts then be prepared for a knockback.

Edited to add. A porting case is treated exactly the same as a new application with all the referencing and underwriting this entails.

Sorry.

Wishsong

Thanks for your advice Leon.

I am a little bit miffed about it all now - considering I have been paying my mortgage without fail to them for the past 17 years and the last 6 months in a different situation unbeknown to them.

It appears to count for nothing.

Thanks again in any case.

kingstreet

If you satisfy the lender's current criteria and loan to value rules, you can transfer the current rate from your existing mortgage to the new mortgage. So the first part of your new mortgage would be the present amount on the 5.2% fix you have now for the remaining two years, with any extra borrowing on whatever product you choose from the current range. A lower mortgage means a part penalty on the reduction in the borrowing.

Portability is just a means of avoiding early repayment penalties.

Thrugelmir

Wishsong wrote: »

My accountant never told us that as we own the whole Company that we would be deemed self employed.

Who do you think your employer is?

neverdespairgirl

In my own recent experience, mainstream lenders want 3 years' accounts if you're self-employed.

Wishsong

Hi

We have been told by the Nat West that they would require 1 years accounts with projections which would go to the underwriters - or 2 years.

We really need to move and reduce our mortgage considerably - are Self Cert Mortgages still available?

I have looked through the net and am finding mixed reviews

herbiesjp

No self certs available.