remortgage required for self cert buyer

naturegirl_2

Im looking to remortgage my house as the 2 year deal I had is coming to an end. I think a fixed rate is needed as my self employed income is variable and often low (but I still manage to pay the bills.) It would be as self cert as I've no books (anyone offer info on how to keep books?) I've been self employed for five years and need a mortgage for around £68,000 (my house has gone up to around £150,000) Many thanks

MortgageMamma

what are your average earnings?

naturegirl_2

Around £15,000 this year but can vary between £10,00 to £!9,000

herbiesjp

Have you done any self assessment forms or submitted anything to the Inland Revenue?

What figures do you earn?

herbiesjp

naturegirl wrote:

Around £15,000 this year but can vary between £10,00 to £!9,000

You should be able to get that mortgage agreed - you may even be able to get standard high street rates all dependant on your whole scneario

HTH

MortgageMamma

who is your mortgage with at present? Have you checked to see what deal they will offer you?

naturegirl_2

Yes I fill in a tax return every year send info the inland rev ,even got a small tax rebate last year!! Im with Abbey and when I did approach them in October they said it was too early to give me uptodate info. My mortgage is up in Feb.I also saw my business adviser at my bank who said he could possibly offer a better deal but has not got back to me (Natwest)

herbiesjp

As long as you have copies of the tax returns and receipts from the IR then you should be OK with a lot of high street lenders - such as Abbey who you are already with.

YOu need to start looking now to avoid going onto Abbey's SVR. They should be able to offer you something now - however there may be better deals out there

MortgageMamma

Yes some of the mainstream lenders have a self cert or fast track option for properties under 75% ltv, mainly northern rock, abbey, woolwich, halifax - there are a few others. Personally I would have a look at what is available now and ask Abbey in January if you are able secure another rate with them at that point, by doing some legwork now you will put yourself in a position where you can make a quick decision and act should there be another rate rise in Jan. You will be able to find out if there has been on the first thursday of the month - there's normally some sort of "will it rise or won't it rise" thread on the mortgage board on that day

naturegirl_2

I didnt make copies of my tax returns!!! but I do have written details, income/ outgoings & receipts etc filed in boxes for the relevant tax years. What I need is advise on turning all that info into easily readable business books which I can then present to mortgage lenders etc in the future. I will try the lenders MortgageMamma suggests and get back to Abbey. Many thanks

herbiesjp

naturegirl wrote:

I didnt make copies of my tax returns!!! but I do have written details, income/ outgoings & receipts etc filed in boxes for the relevant tax years. What I need is advise on turning all that info into easily readable business books which I can then present to mortgage lenders etc in the future. I will try the lenders MortgageMamma suggests and get back to Abbey. Many thanks

You should have confirmation from the revenue confirming the figures submitted

Please do not allow them to carry out credit searches against you - firstly talk to them and ask them what is needed to get the mortgage agreed.

If they all carry out credit searches, and they say no, it could make your credit file look a little awkward should you then approach a lender that could agree the mortgage for you

HTH