Re-Mortgaging for freelancers

stressqueen

Dear all

My husband and I have a 150k mortgage on a maisonette in North London, which is now worth approximately 250k. We purchased our property about five years ago and have an endowment mortgage.

Between us we have about 20k of debt which we would like to get rid of. When we took out our mortage we were both in full time employment, but are now both freelancers and do our own tax returns (he works in magazine publishing, I work in the film industry). I have been self employed since August 2003, my husband only for the last six months.

We're thinking of remortgaging to clear our debt. Do any of you out there know whether due to our status we'd even be able to re-mortgage? Would any lenders even touch us? Our combined annual income varies between 60-70k.

AndrewSmith

Yes I have clients in the media industry who have encountered the same scenario.

It will depend on credit history etc but should not be too difficult to get a fairly mainstream mortgage deal, obviously depending on the lender etc.

herbiesjp

Same as Andy really just to re-emphasise. Have got freelancers for BBC and they are all ok.

It all depends on your own individual circumstances, but you should be fine.

Which part of N London? Values seem to going up and up all the time

stressqueen

We both have an excellent credit history thankfully.

We're in N16 - Stoke Newington in Hackney. Values are going up at an enormous rate - I just wonder how long it will all last.

herbiesjp

Know it fairly well there - know further up the road better in Harringay, Green Lanes upwards.

Please be careful as not all lenders will agree the mortgage based on your freelance status so make sure you mention this at the outset before any credit checks are done, if you decide to get the mortgage agreed by going direct to the lenders.