Can anyone offer some advice to newbie?

foesflyer

Please! Some advice please.
Hi there I was recomended to come here for help through a friend. Heres my query. With the following circumstances can someone offer advice on what my best way to get a mortgage would be, as I'm self employed contractor, whom is not short of work, and wont be for the foreseeable future. (oil and gas).

Currently my wife and I own two flats and have them rented out.

Flat 1. Value £145000 outstanding mortgage £98000 in my name
Flat 2. Value £130000 outstanding mortgage £87000 in her name.

We owned these before we got married. Currently renting a house in Spain as I only work 20 weeks a year so we spend our time out there. We're looking to come back in the summer and want to buy a country house. The one i'm looking at is £255000.

My Earnings are circ £65000
My wife is my company secretary and is paid £7200.
We also make £4200 pa on the flats rent.
We have no debts and no bad credit.

I will have around £15k saved come the summer. But i can't seem to be get any mortgages simply because i'm self employed! My work is regular and I only have 1 year of accounts at the moment, whats the best way to get another mortgage? Can I secure a mortgage on the equity on the other flats without re-mortgaging as we are in a tie in period?

Thank so much if anyone can help.

Tixy

Hi and welcome

You might be better reposting on the mortgage section of the forum though. There are a few regulars on there who are mortgage brokers who should be able to advise best. Mortgages & Endowments

foesflyer

ok done that too, thanks.

redfox

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL]

Thrugelmir

foesflyer wrote: »

I will have around £15k saved come the summer.

Suggest you boost your deposit.

Perhaps review your other investments such as the BTL in your name. As paying 40% tax on the net income diminishes the return somewhat.