remortgaging advice

becstarr

Originally i posted this in a different section so here it is again for you mortgage specialists..

At the moment I'm a funded PhD student and doing some self employed work on the side. I admit i'm guessing but I don't think i will be able to renegociate on my mortgage when my initial 2 year period is over in september, as even though i'm better off now than when i was full time employed, my actual guaranteed income that i can prove is less. So basically, despite really not wanting to, i think i am going to have to sell the house. Any one got any ideas on if i could get round this? Will any mortgage company i speak to require prooof of income even though i have quite happily been paying the mortgage for 2 years?

My current rate tracks the baseline with Abbey (5.13% at the mo), i believe their SVR is about 7% now.

And just to make things more complicated I might be going full time self employed in the near future..

wymondham

becstarr wrote: »

Originally i posted this in a different section so here it is again for you mortgage specialists..

At the moment I'm a funded PhD student and doing some self employed work on the side. I admit i'm guessing but I don't think i will be able to renegociate on my mortgage when my initial 2 year period is over in september, as even though i'm better off now than when i was full time employed, my actual guaranteed income that i can prove is less. So basically, despite really not wanting to, i think i am going to have to sell the house. Any one got any ideas on if i could get round this? Will any mortgage company i speak to require prooof of income even though i have quite happily been paying the mortgage for 2 years?

My current rate tracks the baseline with Abbey (5.13% at the mo), i believe their SVR is about 7% now.

And just to make things more complicated I might be going full time self employed in the near future..

You'll only need to sell if you can't afford the SVR rate - go to Abbey and see what they can offer you - have you any equity in the house?

becstarr

My parents invested quite a bit in the house when i bought it so my mortgage is only for about 60-70% of what the house is worth. While i was finding my student feet i went interest only though so i haven't paid much of the debt off.

minimike2

I dont see why Abbey wouldnt offer you a new deal. They should be your first port of call.