Mortgage for self employed person

ladystow

Hello

Any advice on this would be greatly appreciated.

My husband and I have a mortgage with C&G that is currently at £216k.

We have approx £130k equity on the house (based on a current valuation and looking at what other properties that are the same on our road have recently sold for).

I called C&G to ask about porting the mortgage which they have said we are able to do but as my husband has recently had to go freelance at work (since Jan 13) they won't take his earnings into account and will only let us port £160k of the mortgage based on my earnings.

My husband works for one company and has an 18 month contract (likely to be extended until December 2015). He invoices the same amount each month so is in effect employed but he just pays his own tax and NI.

It seems so unfair that we are paying this current mortgage but to move house they won't take his earnings into consideration.

We don't want to borrow any additonal money (infact we could manage if they only let us port about £190k)

Is there anything I can do about this? Does anyone know of any lenders that might consider us?

Crashandburn

The issue here is that he has decided to be self employed. If the contract was on an employed basis, then I suspect you would be fine. You feel he is employed, but as lenders see it, he started a new line of work in Jan and wants a mortgage in Apr.

Is he paying it through a Ltd Company? What sort of work is it?

If contracting and on the first contract, you will have a big problems as most lenders want to see a history of contracts and not just his first.

He may benefit from paying less tax on his earnings by being self employed, but getting mortgages is where it gets him back.