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Effect of change in income in remortgaging?
Jolanta_Nowak
Posts: 207 Forumite
It's foreseeable that both OH and I shall be going self-employed during the course of our next 3 year fixed rate mortgage.
Whereas we shall be on a smaller 'revenue stream' than currently, owing to our frugal lifestyle and considerable savings there is no way in which we would not be able to afford almost any repayments, short of some disaster scenario where the whole mortgage industry would be in meltdown.
Nevertheless, I'm told that self employment without some years of accountancy proofs cuts no ice with most lenders. We are both likely to have a year's 'trading' records or less.
Anyone able to advise on our options? I'm trying to look ahead.
Whereas we shall be on a smaller 'revenue stream' than currently, owing to our frugal lifestyle and considerable savings there is no way in which we would not be able to afford almost any repayments, short of some disaster scenario where the whole mortgage industry would be in meltdown.
Nevertheless, I'm told that self employment without some years of accountancy proofs cuts no ice with most lenders. We are both likely to have a year's 'trading' records or less.
Anyone able to advise on our options? I'm trying to look ahead.
0
Comments
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Cant really answer that as rules are changing all the time. why not make your next mortgage a longer fix then you will have accountsI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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