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Self Employed remortgaging,

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Hello,

Im Looking to sell my 2 bedroom terrace worth approx 172,000
I Have only 113,000 left on my mortgage but im looking to buy a house in the region of 230,000 If the mortgage company lets me borrow the extra money. I earnt 41K last year and probably around 51K this year once my accountant does his bit.

Id like to know if anybody else who is self employed has struggled to borrow the extra money or has it been a easy task? Im not sure what to expect.

My current mortgage deal runs out in january 2015 which is currently a 3 year fixed rate at 3.88% I would definitely Like to move with in a year at most.
Mortgage OP hopes for 2012 £2000
OP made this year £300.00
£113,746.51 Outstanding

14 years 8 month remaining

Comments

  • ACG
    ACG Posts: 24,537 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Doing a basic calculation i would say £220k is achievable. Thats not a million miles off what you need so it probably will be possible.

    It will ultimately come down to your circumstances. If you have kids/debts etc then it may change the above.

    Probably worth sitting down with a broker once you have your accounts though and going from there.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • LA83
    LA83 Posts: 25 Forumite
    ACG wrote: »
    Doing a basic calculation i would say £220k is achievable. Thats not a million miles off what you need so it probably will be possible.

    It will ultimately come down to your circumstances. If you have kids/debts etc then it may change the above.

    Probably worth sitting down with a broker once you have your accounts though and going from there.


    Thats reassuring, I have got 10000.00 of savings , though i have got a vehicle on finance for another 2 years and some overdraft to pay back and a 4 year old to feed. Should be earning the same again if not more this year, ill continue to overpay my mortgage as much as possible to be in a better position to buy bigger!
    Mortgage OP hopes for 2012 £2000
    OP made this year £300.00
    £113,746.51 Outstanding

    14 years 8 month remaining
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