Can any mortgage advisors help me??

h0ney

I am looking to get a mortgage and have no idea where to start...

Can i give a bit of backround then perhaps and advisor may be able to offer some advice?

Married couple
Wife owns a property with a friend, currently on a BTL mortgage for approx £150,000. Property is worth about £220000
wife bought a cottage in Jan 06 for approx £50000- wife owns it outright and it is just in her name.
Renovations on above cottage are almost done and cottage is now worth about £170000.
Couple need to mortgage cottage for £100000 to cover renovation costs.
Husband has own limited company and wife works for him (16 hrs per week)
We pay ourselves £5100 per year each plus draw some dividends from the company.
Company has been trading for one year - profit last year £6000

So any bright ideas on how to get a mortgage???!!
Thank you in advance

Mr_helpful

Sorry but Im confused You talk of Wife Husband and yourself. Could you explain a bit more as my devious little mind seems to be having thoughts of Menage a trois

h0ney

Oh Sorry - I am the wife and myself, just two of us!

h0ney

Have edited too, i hope that is clearer.

JoeK_3

h0ney wrote: »

Oh Sorry - I am the wife and myself, just two of us!

I hope that's clear now Mr Helpful????

Me too
JoeK

h0ney

Also thought i had better add wife had some minor credit issues in 1999, no CCJ or defaults or anything though, however I nearly always get rejected for store cards and Orange would not give me a mobile phone but they gave my husband one.

Mr_helpful

Thanks honey. That has taken the strain off my brain cell.
Yes this 100K you want should be fairly easy as long as you have clean credit and the property is liveable as far as renovations are concerned. I think it could be done at standard rates with high st lender.
You need to contact a fees free independent broker like me there are plenty on this site.

h0ney

JoeK wrote: »

I hope that's clear now Mr Helpful????

Me too
JoeK

I have edited, is it still unclear? ? I am sorry it is so long winded.

JoeK_3

h0ney wrote: »

I am looking to get a mortgage and have no idea where to start...

Can i give a bit of backround then perhaps and advisor may be able to offer some advice?

Married couple
Wife owns a property with a friend, currently on a BTL mortgage for approx £150,000. Property is worth about £220000
wife bought a cottage in Jan 06 for approx £50000- wife owns it outright and it is just in her name.
Renovations on above cottage are almost done and cottage is now worth about £170000.

h0ney wrote: »

Couple need to mortgage cottage for £100000 to cover renovation costs.
Husband has own limited company and wife works for him (16 hrs per week)
We pay ourselves £5100 per year each plus draw some dividends from the company.
Company has been trading for one year - profit last year £6000

So any bright ideas on how to get a mortgage???!!
Thank you in advance

How could you possibly afford to pay a £100,000 mortgage on that income???

JoeK

h0ney

Mr_helpful wrote: »

Thanks honey. That has taken the strain off my brain cell.
Yes this 100K you want should be fairly easy as long as you have clean credit and the property is liveable as far as renovations are concerned. I think it could be done at standard rates with high st lender.
You need to contact a fees free independent broker like me there are plenty on this site.

I just added a bit about clean credit issues! Typical! Can you help me then do you think?

I should think my credit file is clear now though as it has been 6 or 7 years since the only problem. My husband gets credit okay though. I am also not really bothered if the mortgage is in my or my husbands name or both, but the house is just in my name.

h0ney

JoeK wrote: »

h0ney wrote: »

I am looking to get a mortgage and have no idea where to start...

Can i give a bit of backround then perhaps and advisor may be able to offer some advice?

Married couple
Wife owns a property with a friend, currently on a BTL mortgage for approx £150,000. Property is worth about £220000
wife bought a cottage in Jan 06 for approx £50000- wife owns it outright and it is just in her name.
Renovations on above cottage are almost done and cottage is now worth about £170000.


How could you possibly afford to pay a £100,000 mortgage on that income???

JoeK

Well we pay £600 per month rent plus bills at present (and have done for the last year). We don't spend much and draw dividends from the company as and when necessary. Our accountant told us just to pay ourselves that salary so thats what we do.