Self employed, tryin to get a mortgage

Funny_old_game

Have you got an income? If not you then stay put was you are likely to get nowhere neat that amount.

Sny dependants will hold back the loan amount also if you have childcare fees.

Thrugelmir

Suzidee50 wrote: »

It's approx £12.000 net. We are wanting a new mortgage of£55/56.000. Santander offered him £13,000 which was ridiculous!

Given the net income, the lender is taking the view that the mortage is unaffordable. Lenders have a legal duty to act responsibly so in no way ridiculous.

Suzidee50

I felt it was ridiculous as we already have a mortgage with Santander for £90,000. I get a small income from my husbands business of £5,400 a year for admin work. Our local financial advisor is hopefully getting back to us tonight, but looks like we may have to pull out of our sale (we've sold), and buying the new property!, as doesn't look hopeful.

Leon_W

It's not that Santander CAN'T it's that they WONT.


There are no rules or regulations stopping them from porting your mortgage. Read this thread on porting, swapping your rate and what the FCA think.......


https://forums.moneysavingexpert.com/discussion/4955808

amnblog

Have you not spoken to a broker who has explained how the income figures work for the self employed?

It should only take 10 minutes to put you on the right track so you can see if you are in with a chance.

We have plenty of detail on this on our website.

PM me if you want a link?

Suzidee50

Well. Spoke to our local broker 2 days ago, got back to my husband today, says he can't help us. So devastated! don't know where else we can turn to get a mortgage. So wil probably have to pull out of buying and also out of our house sale (it's sold). Any advice now?