Looking for guidance!

Croftys

Hi Guys, having read through a vast amount of threads, I know I can can count of you for some honest feedback!

Simple question really, can I afford a Second Charge Mortgage?
We love where we live, but would like to add an extention costing £25,000.

I'm trying to second-guess the likely hood to save the embarrasment of a decilne really, here are the facts..

• Recently self-emplyed, though my pay wont fluctuate, it will increase over time, and I have 18 years of accounts to show stability on the family business. I have only been Self Employed (Partner) for 6 months so have not paid any self-assessed Tax yet. 22,000 py
• Wife recently moved to PT work 13,000 py
• One year old child, childcare cost 500 pm

Figures:


118,000 left on our mortgage with 28 years, Nationwide

210,000 House Value with Nationwide
Fixed deal for 10 more years ( not moving and HATE the unknown)
480 pm repayment
No debt (recently paid off Credit cards, Loans etc)


Before becomming Self-Emplyed, and having a child I have never been refused loans ETC, all the calculators from MSE are saying I have a poor chance of acceptance.


I understand that a secured loan is massively different, but I realise I would probably still not be accepted for an unsecured loan due to affordability especially with our circumstances.


Should I forget the idea, and ditch my dream of owning a second toilet?


Any help is very much appreciated!

bengalknights

The fact its secured will play in your strength however might be worth going through a broker