Self-employed mortgage problems

xanpromo

We have had a several mortgages in the past, none of which have ever been in arrears. However, we are now in the position of being unable to change our mortgage due to the restrictions on self-employed certification. This means we are now stuck with a £150,000 for which we are paying nearly £800 a month and are unable to change this - if the interest rates go up it could leave us with major problems. Anyone have any suggestions?

ACG

You can no longer self cert mortgages.

The only thing you can do is get a couple of years accounts together in order to give to the lenders.

Dave_Ham

Declare your self employed income at what you are genuinely earning.

If this is under £30,000, then maybe you need to consider downsizing and you would get a more attractive rate.

Let_Us_See

Not really a problem as if you are long term self-employed all you have to do is provide confirmation of affordability. If you cannot prove affordability then you will simply have to remain with current scheme.

opinions4u

It's disgraceful that these lenders are checking income and stuff.

afly

How long have you been self employed?

Nationwide want 2 years accounts signed off by your accountant. I imagine that's fairly standard but each lender assesses self employed people differently

I actually thought it was going to be harder than it was, so if you have a few years behind you there is hope!