remortgage help needed

VERYFEWBRAINCELLS

Hi

i am self employed, my accountant does his job well and my yearly accounts do not show my true earnings plus i do a few cash jobs here and there (what,s good enough for the powers that be, is good enough for me). anyway i,ll get to the point.

i have a £62000 interest only self cert mortgage which is currently at 1.5% above base rate. on its 4th birthday which is june 2007 it goes up to 3% above base rate until it is payed off.

i,ve been trying to get a new mortgage and a better deal but can,t find anything.

my house was worth £90000 at the time i bought it, i put down a £30000 deposit. i have not missed any payments in the time i have had it.

surely there is someone out there who doesn,t want to take advantage of my catch 22 situation.

i need a £60000 remortgage on a £140000 house, i have not missed any payments on my present mortgage.

has anybody got any ideas please. i don,t see why i should pay above the base rate for being a high risk when i,m clearly not.

herbiesjp

You may not need to go down the self cert route.

Lenders have got generous income multiples/affordability calculatrs when there is a lot of equity in a property.

What is your income?

footymadhouse

HI - Sorry i am unable to help, we are in exactly the same position, its a joke, my partner has been paying over 700 for three years and we are in exactly the same position. if i get any info i will send it on to you. good luck.

Stewboy1978

If as you say you have a 40% LTV on your property then some lenders may let you take a standard mortgage without the Self-Cert bit as long as your bank statements can provide decent evidence.

Basically with such a low LTV then the bank know that if you can't pay etc then they have a good asset.

VERYFEWBRAINCELLS

thanks for your replys.

my accnts have me earning £15000 a year average over last 3 years.

are there any brokers here that can help.

i just want to get a better deal, NOT remortgage to get some xtra cash, which is all the company,s i have spoken to seem to be interested in.

i also can,t do this till june because of hefty early payment penalty, but thought i should start looking now.

herbiesjp

There will be plenty of lenders happy to look at this for you.

You can apply now for a good deal on current rates (indication is rates may increase again), but set completion of the re-mortgage until after your current deal has expired

HTH

VERYFEWBRAINCELLS

before you laugth at this next question check my name.

i was thinking of just getting a loan to pay of the mortgage. i,m not that clever when it comes to maths but it seems to me that the overall amount i would pay back is less then i,m currently paying.

VERYFEWBRAINCELLS

hi herbiesjp

is an advisor different from a broker. is it wise to try and find a broker on here.

if been reading some of the threads and it seems to me some people don,t like the fact that brokers ACTUALY make money when plying their trade.

i believe everyone has the right to make a REASONABLE profit. i save money, broker earns money. its called capatilism i think.

is there anyone who can help me.

as i said before i,m self employed and and work away 11 days on, three days off which means i,m only avaliable friday-sunday. sometimes i have access to mobile phone depending on where i am.

so as you can see i need someone to find a deal for me because i don,t have the time or means.

herbiesjp

YOu will not be able to get a personal loan that high.

Also the rate you will pay on the loan will be higher than the mortgage rate.

An adviser is the same as a broker.


I think being able to earn, is the reason anybody works, otherwise how else are we expected to pay the bills? There would be a lot of people being prosecuted for non payment in my opinion in we were not all allowed to earn.

Looks like you need to find an adviser to walk you through the process