Can we do this?

Annie021063

We want to move basically (hate where we are living for several reasons) since we agreed our mortgage (12 years ago) our situation has changed and my husband is now self employed ( 2 years nearly) We are lucky to have finished our fixed rate and are on base rate+ (currently 2.5%). We thought our only option was to sell up and rent (that's how desperate we are to move) but we are curious as to whether we can just take our mortgage with us and borrow more if needed. How is the lending situation currently for self employed? Hubbys earnings are low (around 9K) but mine are good £29K. How does it all work? we have around £98K left on mortgage and should sell for around £180K. Any ideas?
Thanks

Thrugelmir

Don't base decisions on mortgage interest rates remaining indefinately low.
Enjoy the benefits of the current low rate by saving or overpaying your mortgage.

Is your mortgage with the Nationwide? Speak to them to find out whether your mortgage is portable.

Annie021063

Thrugelmir wrote: »

Don't base decisions on mortgage interest rates remaining indefinately low.
Enjoy the benefits of the current low rate by saving or overpaying your mortgage.

Is your mortgage with the Nationwide? Speak to them to find out whether your mortgage is portable.

yes nationwide
Thanks

holly_hobby

If you move property you may be able to port you mortgage interest product/rate to the equivilent amount of new borrowing - but the mortgage for your new property will be subject to full underwriting/status checks, just as any new customer would be.

How affordability is assessed/proof of income will depend on your lenders lending/income criteria - if you feel comfortable disclosing who they are, the active advisers on here will be able to advise further.

Hope this helps

Holly

Annie021063

another option is to rent our house out and rent another property to live in but it could always back fire and we could end up in debt (something we have kept away from)
we have over paid in the past and have started saving recently to pay into the mortgage as over payments already have £470 in pot for this months OP)
We just want to get out of our house/area, we are beginning to be depressed by things that are happening/have happened and it is time to move basically (long story but believe me it is hard to live here)

Annie021063

Happy to give more info, let me know what you need
Thanks

Thrugelmir

Annie021063 wrote: »

another option is to rent our house out and rent another property to live in but it could always back fire and we could end up in debt (something we have kept away from)

Unless you wish to take on the responsibility of being a landlord and the potential hassle and risk that goes with running a business. Not a decision to be taken lightly.

Annie021063

Thrugelmir wrote: »

Unless you wish to take on the responsibility of being a landlord and the potential hassle and risk that goes with running a business. Not a decision to be taken lightly.

totally agree and it is bottom of our list currently