Re-mortgage after being a student

MPlant

I'm looking for some advice on re-mortgaging my current residential mortgage onto a better deal. I own a property that has 70-75% LTV and am currently on an interest only mortgage with the Halifax at 4.94%. I am now keen to move onto a better mortgage deal and start paying off the capital.

However my self employed income history for the last three years is very low due to 3 years of study at university. Prior to university I had an annual income of £30k-£35k self employed, however my last two years accounts are £18k and £8k respectively due to me giving up work to focus on my studies. This means I am unable to re-mortgage based on my income / evidence of income.

My mum would be willing to be a be a guarantor on my mortgage until I am able to prove my own income in my future accounts (she is 58 and has fully paid her mortgage off). My boyfriend would also be willing to do the same, however he already has a mortgage of his own. However I'm not sure if guarantor mortgages are available these days.

Does anyone have any advice on what my options might be for moving onto a better mortgage deal?

amnblog

Your options are those offered by Halifax.

Have you spoken to them?

Expect them to reassess your situation as you are on interest only. However, even if you do not meet current criteria they may still offer you an improved rate (assuming current rate is ending).