We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can i remortgage ?
toonjohnny
Posts: 17 Forumite
We are currently looking to extend our 3 bed semi.
The house value is around 225k and we owe about 125k.
My salary is around 22k while my wife is self employed. her businesss turns over around 36k (profit of around 18k) however this is only the second year so we only have one years full accounts. Her business is growing quickly so repayments would not be an issue and we have no outstanding debts ( a part from 3 young kids!!). We need around 40k to complete the extension but were told by our lenders that they would not even look at our case without having at least 2 years full accounts. Has anyone any advice on how we could proceed ?
thanks
The house value is around 225k and we owe about 125k.
My salary is around 22k while my wife is self employed. her businesss turns over around 36k (profit of around 18k) however this is only the second year so we only have one years full accounts. Her business is growing quickly so repayments would not be an issue and we have no outstanding debts ( a part from 3 young kids!!). We need around 40k to complete the extension but were told by our lenders that they would not even look at our case without having at least 2 years full accounts. Has anyone any advice on how we could proceed ?
thanks
0
Comments
-
See an independent broker.
There are lenders which accept one year's trading, usually evidenced by an HMRC SA302 or certified accounts.
Affordability will depend on the full picture, but kids, childcare etc will have an impact on the amount you can borrow.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you. We have certified accounts for 12 months and 6 months of this year to go on. Will get an independent broker to have a look as the new rules may make it more difficult for us0
-
Before i go looking at independent mortgage advisers is there anyone on here who might know what mainstream lenders look more sympathetically on self employed, or does the above calculations seem enough to get the extra money we need ? does having large equity in our home count for much ?0
-
Engage a broker and obtain advice from them.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards