Some mortgage adbive please guys

RammytheRam

Hi

Can anyone offer any advice on poissible best place to look for a new mortgage

Heres our situation at the moment

Current Lender Mortgage Express
Total Outstanding £65K (41K Interest Only & 24K repayment)
Fixed Rate Self Cert @ 4.75% - I think - at work at moment but SVR
House Value of approx £140K

I'm self employed (last 3 years accts £5500 profit, £6900 profit and last year £17300 profit) and OH earns £22K employed.

OH has £6k loan and I have £2k personal credit card debt - no missed payment or arrears or other black marks for either of us

Lived at current address for 13 years and mortgage has 12 years left to run

2 kids - but one is leaving home for Uni in Sept

Now the bad points

HSBC Business loan - approx £48k lefty 5.5 years left to run - second charge on house
Business credit card - approx £9k balance but 6/7K paid off each month and 6/7k new charges each month

Not approachedo anyone at present as only just had last years figures back from accountant.

Anyone have any opinions / advice??

Thanks

Dave_Ham

I was thinking this is straightforward why ask for help, then spotted the hefty business loan and second charge...

There are many variables, although income is not a consideration that would worry me.

This is achievable just, although a broker is likely to be needed.

It will probably include (although impossible to tell without all of the details and paperwork) paying off the business loan...

May want to engage a professional and have your accountant handy, as could be some implications if satisfying early..

Good luck

RammytheRam

Thanks for the reply

Not in a position to repay the business loan at the moment and don't really want to increase or extend the mortgage.

I was just looking for a straight swap of mortgage providers.

Do you think HSBC may look at it?? As a lender they would have full charge on the house so surely would be more secure??

If not I'll stay as I am - it's really not a problem, just wanted to try and save a few bob:)

Dave_Ham

You will have to speak with HSBC, I am not sure to be honest.

I think you will have difficulties just changing a first charge, as most lenders will have an issue with the 2nd charge - depending upon how security is held of course.

All the best

RammytheRam

Cheers Dave
I'll have a think. May wait until the business loan is paid down a bit more
Thanks again

RammytheRam

Things just get better!
Had a letter from Endowment people this morning.
12 years left to run and estimated shortfall at moment £14K.
Original Target was £51K but look above and you'll see we now have only 41k on IO
We have had letters before (Amber warnings) but our Financial Advisor (LOL) said stick with it as things will improve before maturity and he was confident of it making above the 41k required.
Heres the clincher - our FO (family friend for over 20 years) has just been given 5 years for fraud - owing lots of people lots of money.
I assume I'm up the creek without a paddle as far as any recompense goes with this endowment policy??
Luckily it's not far short of our new target so not the end of the world but we were told buy our FO (lol again) at the time it would act as a savings plan for us and pay off trhe mortgage and give a tidy profit