Newbie/mortgage advice/business

INeedToMove

Hi, Im hoping someone can help as we have used 2 mortgage advisors and they have somewhat knocked my confidence by telling us what we can't do but never telling what we can do.

We have a mortgaged property with a small mortgage meaning we would have around £60,000 if we "sold" as a deposit for a new property, however my wage is around £16,000 and my OH is newly self employed, we have a business together (hence his self employment and its currently booming (very high demand) nearly 2nd year of registering business, meaning I need more space (where we could triple what we make now( as space is limiting us, and quick..........where do we stand getting a mortgage on business terms or just a descent mortgage with that kind of deposit on low wages (no debt)?

Also if we could not sell quick ( given the market) can anyone advise on "companies that buy homes from you)?. Good or Bad experiences.

Huge thanks in advance.

ACG

If you sell your home to one of those cash buyer companies its generally for around 70-75% of the actual value of the property.

Based on £16k, i would say you could get a mortgage of £64-70k.

How much has your partner earnt being self employed? This will add to what you can take out as a mortgage.

Dave_Ham

Couple of additional considerations for you:

You can use self employed income with only one year with a few different lenders, most will also want an accountants projection.

If you are planning on moving to expand your business, many lenders will not like this. Apologies if I mis-interpreted this part

INeedToMove

Thankyou for the replies, my OH has made more than my wage in profits in under a year and we had to turn lots of businss away due to space, it's word of mouth business (so lots of cleints already passing my details on) and I have a rather vast direct route also recommending us meaning business will only get bigger and we cannot supply this demand without more space and ideally no neighbours lol.

So I guess we could get double what was recommended here plus the sale of house money, but still not enough so I guess carry on saving which is depressing:(

Can I ask why lenders would not be happy to give a mortgage towards expanding business reasons?

Dave_Ham

As the mortgage you are searching is a residential mortgage..

Could you not rent some commerical premises and run the business from there, giving you more room at home?