Remortgaging - self employed

Cloudbaby

I'm in my second year of self employment although I only have one tax year under my belt so far. We are looking to remortgage and wondering if we are likely to be accepted based on our details, our annual joint income is £31000, the mortgage is currently ay 75k, we would like to increase to 85k, the value of the house is £120k. I have a fair credit score with a couple of defaults that are 2-3 yrs old and my husband has an excellent credit score with no defaults. I fear we are not in good standing based on the above but would appreciate some advice as to where best we should try.

Thanks
CB

EMac_2

Lenders typically want to see 2 years tax returns as a minimum.
The defaults will go against you, how severely depends on dates, amounts and whether settled. How is the income split? Loan to value is ok tho.

Cloudbaby

Thanks for the reply, is there any way round only having one year? Or does that rule us out completely? The split is him 22k and me 9k. Defaults are all settled and range from 2010 to beginning 2012.

EMac_2

A broker might be able to get this for you on the employed income alone depending not least on your overall affordability calculation. Alternatively an outside chance your bank MIGHT take a view of the self-emp income if they see it regularly and do a mortgage application including it. The defaults make it all more difficult. Best of luck