Help please-self employed & mortgage

Elkie1972

Hi all, newbie here so be gentle! I will try to explain position as clear as possible in the hope that some knowledgable people will be able to give some advice.

My husband has been self employed for the last 4 years & his Net profit is £20k per annum. I am currently looking for part time employment since our child has started school, but nothing as yet. Our mortgage is currently with the Abbey which has come to end so we need get a new deal plus we would like to borrow more for home extension. House is worth £185,000 & we currently owe £84000 and we are looking to borrow a further £20,000 bringing a total figure of £104,000 we are looking for. Been to a few mortgage providers & due to husband being self employed & his income no one is prepared to lend us anymore than £70,000 which obviously doesnt even cover what our current mortgage is without any extra borrowing!

What i would like to know is, would it be worth seeing an independent financial advisor to see if they may be able to find a lender who would be prepared to lend us what we need on my husbands salary or would we be wasting ours & their time? What are the chances of finding a lender who would help?

Thanks in advance for any advice given.

Dave_Ham

Hi there,

Firstly, I presume you went to HSBC, to see what they could do..

Your circumstances are on the top end of achievable, but very tricky. Any existing credit not cleared and/or damaged credit will render it impossible.

An IFA is a sensible step...

Good luck

Elkie1972

Many thanks for your reply Dave-much appreciated.

We went to my bank which is Lloyds. We have excellent credit rating (never defaulted on any payments), have no current HP but we do have some outstanding balance on a credit card each but if it came to it we could possible clear those if it meant acheiving our goal of the mortgage we want.

Think IFA is looking our best option. Thanks again

ACG

I think you are looking to reallllly stretch whats available. Bare in mind you have a dependant, your looking for over 4x your income, self employed etc its going to prove very difficult but as dave said its probably just about acheivable.