Re-Mortgaging with self employed and LTD mix

reehsetin

I'd really appreciate some advice on our situation, thanks in advance. The key points (hopefully) are:
We were first time buyers and our initial fixed mortgage term has finished, so it's our first time re-mortgaging
I'd like to fix our mortgage to lock in a good rate (3%ish) for ideally 5 years.
Though I've been in pretty much constant full time employment, My husband had a full time role and freelanced, 3 years ago he decided to freelance full time. He started as a self employed and then he had to change to a limited company 18 months ago, initially paid by dividends he's now paid a salary - we have hmrc's SA302 for when he was self employed and 1st years accounts for the company (draft, due to be signed off any moment) showing profit.
Our combined salary is 68k
149k outstanding on the mortgage plus ideally up to another 50k for house improvements.
For what houses have sold for in our immediate area we're confident with a revaluation we'd achieve an LTV of at least 60%
No other form of debts, no affordability concerns and money in savings too

First direct who we've always banked with straight away said no due to my husband's work history, quite a few other banks we looked at said the same. We today got a DIP from HSBC offering up to 260k (they initially said 109k!?!) but we don't know whether the underwriters will reject us because of his work history
Local brokers seem to be over 1% more expensive - any advice would be really appreciated.

amnblog

Are you asking if HSBC will accept you - they are a law unto themselves and a dip means very little.

Underwriting for the newly self employment can be very complex and going direct to lender is unlikely to be the solution for you.

reehsetin

I'm trying to have a good back up plan in place for if we're rejected by HSBC,

Sorry I didn't make that clear, I know no one can tell me if they'll accept me

reehsetin

How much more expensive is a local broker likely to be, does 1% above the high street sound right?

reehsetin

Bump - Anyone?

Albert_Tatlock_2

These are a broker who deal with contractors/limited companies, might be worth a shout. I considered asking them in light of having difficulty switching to a fixed from SVR with my lender:

www dot

contractormortgagesuk

dot com

Dave_Ham

The next best behind HSBC/First Direct, where they are likely to be more flexible will not be 1% dearer.


If the wheels come off with HSBC/First Direct and often they do, then probably a good time to have a chat with a broker.


60% loan to value will be critical, although I expect you already know this

Thrugelmir

First Direct are part of HSBC so the same work history issues may arise.

You'll find little at the 3% level fixed for 5 years. Rates are edging upwards.