Hi,
Have been searching through the threads to see if any similar circumstances but not found any. Would greatly appreciate some advice. I think I am unlikely to secure a mortgage transfer but would love to hear the contrary...
I am a home owner of 6 yrs (first property bought for 86K, valued now approx 110K). I have been rather unlucky by being made redundant twice in 3 yrs (both with poor pay-outs) with the intervening 10 month period scraping by as self-employed. Since 2nd redundancy I have set up again on my own but now as a Ltd Co. I pay myself a meagre salary at the advice of an accountant and take dividends if and when I can but having just ended the first year. this has not amounted to much! The upshot of all this is I have c. 4K of debts between O/D and credit cards and a salary of barely £8K. Company has 1 yrs accounts only (date just passed so not yet audited) with a rather small profit.
I have just seen an ideal (downgrade) house purchase for £88k but needs approx £4K work. I have just over £65k balance on my mortgage to pay. I have not approached my lender yet as I want to look at the best way to approach this. My fear is that as soon as they hear I am self-employed that there will be a flat refusal to do anything! I am keen to retain/carry over the deal (flexible mortgage currently at 2.5%) if possible as many have told me that I would not get such a good deal nowadays. Is there anyone who can give me a some advice as how best to approach? I probably need to move fast if there is any hope but obviously have to sell own property to honour any offer.
Thank you in anticipation ...
Have been searching through the threads to see if any similar circumstances but not found any. Would greatly appreciate some advice. I think I am unlikely to secure a mortgage transfer but would love to hear the contrary...
I am a home owner of 6 yrs (first property bought for 86K, valued now approx 110K). I have been rather unlucky by being made redundant twice in 3 yrs (both with poor pay-outs) with the intervening 10 month period scraping by as self-employed. Since 2nd redundancy I have set up again on my own but now as a Ltd Co. I pay myself a meagre salary at the advice of an accountant and take dividends if and when I can but having just ended the first year. this has not amounted to much! The upshot of all this is I have c. 4K of debts between O/D and credit cards and a salary of barely £8K. Company has 1 yrs accounts only (date just passed so not yet audited) with a rather small profit.
I have just seen an ideal (downgrade) house purchase for £88k but needs approx £4K work. I have just over £65k balance on my mortgage to pay. I have not approached my lender yet as I want to look at the best way to approach this. My fear is that as soon as they hear I am self-employed that there will be a flat refusal to do anything! I am keen to retain/carry over the deal (flexible mortgage currently at 2.5%) if possible as many have told me that I would not get such a good deal nowadays. Is there anyone who can give me a some advice as how best to approach? I probably need to move fast if there is any hope but obviously have to sell own property to honour any offer.
Thank you in anticipation ...