On abbey's SVR , not sure what to do next

helpmeee

Hi, hoping for some advice

My situation

Bought house for 890,000 ( 2007)

Loan of 680,000 ( well was more 720,000) but have paid 40k off in the year past few years.

Currently i am on abbey's , sorry Santander's SVR of 4.24.

Loan is interest only.

I have also spent a bit on my house, added a extra bedroom, en suite, as well double glazing. Zoopla shows a value of 940K with 98% accuracy due to some recent sales on our street

I am also a company director with a 70% stake, we turnover 5 million but no big drawings yet. Company accounts are due in Jan but NAV will probably not be more then 200,000 . SO i do not have a fixed wage income yet.

So..

1. When remortgaging, will anyone (Santander,) take into account that the house value has gone up

2. Am i stuck with Santander, i don't mind but they only seem to offer the good rates to new customers.

It really bites that nearly everyone i know are on rates paying around 2% , one even pays less then 1%. If i can get my rate down to 2.35% i will be very relived, it will half my mortgage rate and help me pay more of the capital off and breathing space. I'm not jealous but wish i had the same luck as we are really struggling just to pay the bills right now

Hope anyone can help as cant seem to find a good mortgage broker and don't meet income criteria for any of the other banks.

I am very very depressed and feel stuck. The Debt feels like a noose around my neck, esp when i think in 5 years time rates might climb really high.

I cant afford to sell as no income proof to get mortgage anywhere else and i paid around 30k stamp duty cash when buying this property, i do not have money lying around for stamp duty, even for a small property.


Okay i would love someone to tell me:

a. House Price increase will help rework my LTV
b. I can get a mortgage elsewhere with no salary proof, but using my audited accounts.
c. or santandar will give me a better rate then 4.24. ( last year they offered me a fix which worked out 20 quid cheaper then the svr)

Ps Hasn't costs gone up crazily in the past 4 years. Our household income has remained static but our living now costs have doubled.

Wh05apk

How long has the company been trading? if you have 2 years accounts you may stand a chance, however your share of net profits will need to be about £130-140k averaged over last 2 years.

Meeper

In response to your questions:

a) Yes, it will have an impact.
b) Potentially, yes. The rules change at the higher loan amounts and mortgages over £500k, with which I have particular expertise, are looked at in a more individualistic manner by some lenders. You just need to know where to look.
c) Probably not.