mortgage express dilemmas

lennieg

I am in what feels like 'mortgage prison' with a MX svr product that started in 2007 and which I can see no way out of. I started the product in 2007 to get a much larger self-cert mortgage (from £78k to £225k) to enable a purchase of home/commercial proerty and no sooner had I started it when all the rules for engagement changed and I have been stuck since paying 4.84% svr as GMAC became B & B/mortgage express/government etc. I understand that my loan would be perceived as high risk as I have enquired on many times since about remortgaging and know that I would not get approval based on my accounts. BUT, I have been self-employed for the last 5 years since taking this loan for this same business, and my partner and I are surviving, but it does feel like I have been put at an unfair disadvantage since. The banking industry 'approved'/facilitated my venture in 2007 and now it seems like the government has ownership of this agreement and is unfairly dictating terms that I have no way of negotiating with. If I am perceived as high risk then surely I should be the one to receive some fair chance, currently the only way for me to get out of this mortgage is to close my business and sell my business/home and pay off the mortgage and start again! Why not look at people individually who had this extraordinary set of circumstances applied to them in 2007 after the bank collapsed for example and try to assist with a product that seems fair in the market place today?

Conrad

It's not clear from your post what makes you higher risk?

What EXACTLY is the property?
What commercial activity do you run from the property?

Self employed people can have all the deals that employed people get.

What is the REALISTIC value (note that commercial property is hard to sell now)?

How much do you owe?