Remortgage self employed!

meltedmash

Hi

We have been trying to sell our property on and off since 2008.
We started off as shared ownership 12 years ago.

We now own the whole property but had to double our mortgage to do this in 2010.

My husband was made redundant twice in the last 4 years and was forced into self employment. He has been self employed for almost one year.

Now things are more settled we have tried to move again - either sell our property or rent. We can easily sell or rent our property, however we are now being stonewalled with the need to have two years accounts to buy or rent another property to move to.

My husband is earning more money as self employed than when he was PAYE.

Also we feel like sitting ducks waiting for the mortgage rate to go up and are dreading our payments rocketing!

We have two young children and are desperate to move to a family home.

Our mortgage is around £140,000 and we have approx £180,000 equity in our property.

My question is surely the equity we have counts for something towards a mortgage? If we sold and bought another property for between £250,000 and £280,000 we would halve our mortgage.....any advice as how we can break the financial barrier to moving is more than welcome.

betmunch

meltedmash wrote: »

however we are now being stonewalled with the need to have two years accounts to buy or rent another property to move to.

Could use a lender that will accept 1 years of accounts if you have them.

That would probably get round the need to use two years that you dont have.

What has your broker advised?

ACG

There are lenders who will accept one years accounts available due to your loan to value (not many though).

Speak to an advisor who will be able to help. Your credit files need to be good and income obviously needs to support the new mortgage and any other debts you may have.

Dave_Ham

Agree with the boys above..

You have options but they are limited. The rates are not the issue as they are ok, although you will need to be clean cut with your bank accounts...

All the best

meltedmash

Thanks for your comments - so far I have only spoken to my mortgage lender and one mortgage broker both of which say 2 years.....obviously I need to dig deeper and push for the one year option.

Dave_Ham

Just speak to a decent mortgage broker, they are out there.

A couple of them will require an Accountants projection for year 2, although usually this is no issue...