We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Need to remortgage - & hubby just gone self emplyed with only 1 months' books
emmamack
Posts: 19 Forumite
Hi all
After a bit of advice if I may. My husband & I are just about to finish a 3 year fixed rate mortgage with Nationwide, the rate is 5.45% and just about to go up to their SVR. It was our first house & at the time we put down £12K & borrowed £169K over 35 years (we were on about £45 - £50K joint income between us back in 2005).
Since then our finances have improved & joint income went up to about £65 - £70K. We thought we'd be able to get a good deal when we remortgaged & were hoping to bring the mortgage term down a bit from the original 35 year length.
A few months ago however, hubby & I decided to make a life changing decision & he left his well paid office job and went self employed as a plasterer. Now he's really happy & enjoying it, and of course I'm happy but we've found ourselves in a bit of a pickle. Timing wasn't great to have bitten the bullet & it turns out he's just gone self employed as our fixed rate has come to an end. As he's only been self employed for a month we have no books yet to show a lender (we've been told we need 6 months - 2 years worth) and now I'm worried we can't get another fixed rate, which at the moment is really what we're after.
We reckon he'll realistically earn between £20 - £30K in the first year (nearer the 30, higher in following years as business grows) and we know affordability of the mortgage is no problem but of course this isn't what a lender wants to hear. We have three years good history with the Nationwide - does this not count in our favour? Also, we have good credit ratings and savings of at least £12K. Our house is now worth in the region of £220K so we have about £53K equity in the property (£167K left to pay).
We are financially stable and if hubby hadn’t picked the last couple of months to change jobs would have been in a strong position. Just wondered if anyone else has been in a similar position or can suggest who we should approach for the best deal. We’d like a 2 or 3 year fixed rate deal as we think we’ll probably be looking to move to a bigger house within the next 2 – 3 years.
Thanks
After a bit of advice if I may. My husband & I are just about to finish a 3 year fixed rate mortgage with Nationwide, the rate is 5.45% and just about to go up to their SVR. It was our first house & at the time we put down £12K & borrowed £169K over 35 years (we were on about £45 - £50K joint income between us back in 2005).
Since then our finances have improved & joint income went up to about £65 - £70K. We thought we'd be able to get a good deal when we remortgaged & were hoping to bring the mortgage term down a bit from the original 35 year length.
A few months ago however, hubby & I decided to make a life changing decision & he left his well paid office job and went self employed as a plasterer. Now he's really happy & enjoying it, and of course I'm happy but we've found ourselves in a bit of a pickle. Timing wasn't great to have bitten the bullet & it turns out he's just gone self employed as our fixed rate has come to an end. As he's only been self employed for a month we have no books yet to show a lender (we've been told we need 6 months - 2 years worth) and now I'm worried we can't get another fixed rate, which at the moment is really what we're after.
We reckon he'll realistically earn between £20 - £30K in the first year (nearer the 30, higher in following years as business grows) and we know affordability of the mortgage is no problem but of course this isn't what a lender wants to hear. We have three years good history with the Nationwide - does this not count in our favour? Also, we have good credit ratings and savings of at least £12K. Our house is now worth in the region of £220K so we have about £53K equity in the property (£167K left to pay).
We are financially stable and if hubby hadn’t picked the last couple of months to change jobs would have been in a strong position. Just wondered if anyone else has been in a similar position or can suggest who we should approach for the best deal. We’d like a 2 or 3 year fixed rate deal as we think we’ll probably be looking to move to a bigger house within the next 2 – 3 years.
Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards