Hiya,
Just wondering if anybody knows of any good mortgage lenders for the self employed?
Situation is this - Got a mortgage and bought a house in 2011. I was employed on approx 24K p/a, at this point OH had been self empoyed with one years accounts at 18K. Halifax one of only lenders who would consider only one years accounts, and we got mortgage of £154K to buy proprery at £184K (30K deposit).
Our mortgage term is almost up and need to re-mortgage. Property valued at £200k, and mortgage is £148k. I have paid some overpayments since taking out the mortgage, my salary is now at £25.5K, but the issue is that OH's business has not had a great year (2011); books just back from the accountant and net profit was just £5K.
I'm now concerned that this is going to make it difficult for us to remortgage. I had worked hard to get our credit ratings up before we bought the house and they are both still very high, no missed payments etc on anything. We are also just about to get 2012 business accounts done. We are hoping they are going to be much better than the £5k for the previous year, but obv, our accountant works to keep our tax bill down; dont want to be in the position of having to increase profit and tax liability to get mortgage.
We made a lot of sacrafices to buy our house and dont have a lot of outgoings, so the thing is that during the year of only £5K being earned by other half, we still got by, we were never in any danger of defaulting on mortgage, but I dont know if lenders will take that into account or if they will jut do a simple calculation based on combined earnings.
Any advise would be appreciated!:)
Just wondering if anybody knows of any good mortgage lenders for the self employed?
Situation is this - Got a mortgage and bought a house in 2011. I was employed on approx 24K p/a, at this point OH had been self empoyed with one years accounts at 18K. Halifax one of only lenders who would consider only one years accounts, and we got mortgage of £154K to buy proprery at £184K (30K deposit).
Our mortgage term is almost up and need to re-mortgage. Property valued at £200k, and mortgage is £148k. I have paid some overpayments since taking out the mortgage, my salary is now at £25.5K, but the issue is that OH's business has not had a great year (2011); books just back from the accountant and net profit was just £5K.
I'm now concerned that this is going to make it difficult for us to remortgage. I had worked hard to get our credit ratings up before we bought the house and they are both still very high, no missed payments etc on anything. We are also just about to get 2012 business accounts done. We are hoping they are going to be much better than the £5k for the previous year, but obv, our accountant works to keep our tax bill down; dont want to be in the position of having to increase profit and tax liability to get mortgage.
We made a lot of sacrafices to buy our house and dont have a lot of outgoings, so the thing is that during the year of only £5K being earned by other half, we still got by, we were never in any danger of defaulting on mortgage, but I dont know if lenders will take that into account or if they will jut do a simple calculation based on combined earnings.
Any advise would be appreciated!:)