I need a mortgage, i think!

Rozzymoo

I have a strange little situation...
A year ago i split with my husband, i kept the marital home and he got the second home and the business. The marital home had £95k mortgage outstanding.
I went and set myself up as a Ltd company, got a contracting job and all was good.
Next, i wanted to get husbands name off the mortgage, but they wouldn't let me as i didn't have long enough income history. There was no way he was willing to stay on the mortgage and let me pay it on my own, wasn't sure what to do.....
Anyhow, i sold the house, bought one £50k cheaper to try to help. At that point as I owed £95k on it, i paid the full amount off using the £50k profit, and lent £45k off my dad (nice daddy). Daddy had to get a mortgage to do this. This was all agreed and ok.
So currently i just pay the interest to my dad (which is £55 a month) but have been also saving monthly to get a big chunk together.
My dad obviously wants me to pay this £45 mortgage off, and I have until June 2015 to do this. I'm happy to set up something else just after Christmas and put the debt straight back into my name. Its only fair and he's helped me for long enough.

But what kind of mortgage am I looking for? I hope to have the £45k paid off in 2 years, is this a mortgage i need for such a small amount and short duration? Am i a first time buyer? i can't be as i already own the house. I'm confused. Any help please?

thanks Ros

amnblog

Not entirely clear what you are saying Roz but it sounds like you own to property already?


If so you are re-mortgaging to raise £45,000.


If your income is from contracting via a limited company and you have limited history you need decent advice. You are looking at a minimum 12 months trading and 12 months trading figures.

somethingcorporate

Sounds like a remortgage but a good situation to use a broker in given your limited trading.

amnblog

Could it be a situation when using a broker is likely to be more appropriate?