Remortgage/Self Employed/Any other way??

Kaius2009

So we are in a 2 year fixed deal until Sept 2018. FTB so I assume stuck in the first time deal with no way of releasing funds by remortgage until our deal ends.
We are doing loads of work to the house (as in full remodel) which will increase the value by atleast £50-£70k, works should be completed in the next few months.


We want to release money from our home in order to pay back a family member who lent us £18k to buy the house, and to consolidate around £4k of credit card debt, and maybe do the drive - about £3k. So would be looking to release about £30k total.


House was bought for £228k, should be worth about £280+ soon, we put down 10% deposit.


My question: Is there any way, other than remortgaging in 09/18, to release money from our home? I remember my mortgage advisor saying something like 'if in a year you've increased the value by a lot (which we have) then you could go to Halifax and ask them to take the mortgage back up to 90% so you could get cash that way' - does this have any truth in it? Is this a thing?


Next question: My partner earns decent money as a permanent employee at the moment so we would have no problem remortgaging, HOWEVER, he wants to go back to contracting (self employed - possibly ltd company) If he were to do this, when it does come to remortgaging (if we were to wait till then) would they take his self employed earnings of a maximum of 18months as a wage? I have something in my head that says that you have to have 3years of self employed accounts in order for them to take it as a wage for remortgage? I do work and earn money but he is the breadwinner, my wage alone would not be enough to remortgage on!


Any advice would be really helpful, he is miserable in his job at the moment and anyway that he can get out of it would be really good! Be it a different way of releasing funds, or the knowledge that if he were to go contracting then come a remortgage, we would be able to use his wages as a self employed person!


Thanks in advance! :beer:

amnblog

Yes, you should be able to raise extra funds before your current product term ends.


Yes, your Partner changing to Contracting will affect mortgage options. But options will probably still be available and he should do what is right for him, not what is right for a mortgage application.

ACG

You could speak to your current lender about a further advance or a broker about a secured loan.