Recently self employed remortgage question.

kingstreet

An A pass without you and your car finance gives £67,000 but that assumes all her income, the £19,800 you quoted is earned income. If you split that down into tax credits and child benefit, I'd expect the mortgage amount to fall. Would she get an A score? Is her credit record absolutely squeaky clean? Any Halifax accounts or other relationship with them?

As an example, a B pass with £15,500 basic, £2,740 child tax credit and £1,560 maintenance only gives £60,535.

In addition, you'd need to do a transfer of equity to remove you from the deeds during the remortgage process and this should only be considered with independent legal advice as YOU are giving up your ownership of your home.

aranger

[QUOTE=

kingstreet

;46135501]An A pass without you and your car finance gives £67,000 but that assumes all her income, the £19,800 you quoted is earned income. If you split that down into tax credits and child benefit, I'd expect the mortgage amount to fall. Would she get an A score? Is her credit record absolutely squeaky clean? Any Halifax accounts or other relationship with them?

As an example, a B pass with £15,500 basic, £2,740 child tax credit and £1,560 maintenance only gives £60,535.

In addition, you'd need to do a transfer of equity to remove you from the deeds during the remortgage process and this should only be considered with independent legal advice as YOU are giving up your ownership of your home.[/QUOTE]

You have been a great help and I understand what you mean about ownership but it may be necessary to keep a roof over my kids heads if for example my work goes quiet.

My earning potential during the early months of the year is limited, for example due to drivers not taking holidays etc.
The other 9 months I earn enough to make a lot more than a full time job but not going to save enough for this year.

Once I have been self employed a couple of years or move back to full time employment how easy is it just to put me back on with another remortgage.

This gives me a bit of hope and looks like the only route that may be possible.

Her credit is great due to her keeping her wages and me paying all the bills.:D

kingstreet

aranger wrote: »

You have been a great help and I understand what you mean about ownership but it may be necessary to keep a roof over my kids heads if for example my work goes quiet.

My earning potential during the early months of the year is limited, for example due to drivers not taking holidays etc.
The other 9 months I earn enough to make a lot more than a full time job but not going to save enough for this year.

Once I have been self employed a couple of years or move back to full time employment how easy is it just to put me back on with another remortgage.

This gives me a bit of hope and looks like the only route that may be possible.

Her credit is great due to her keeping her wages and me paying all the bills.:D

Same process in reverse. New mortgage or agreement from existing lender to add you to mortgage and deeds. Transfer of equity. £300 to £500 fees.

Needs must I guess...