Dear all.
I wondered if any of you have been in or are in a similar situation to me?
Very briefly, I need to get a new mortgage deal on my house but my wife and I have both changed jobs in the last year and are now self-employed so have no real accounts to speak of yet. The house was purchased on a 5 year fixed deal while we both had reasonable full time jobs. This deal has come to an end and so far the lender hasn't offered any new deals, just put us on a variable rate, which is now starting to have an impact financially. We have a rental property which helped with a large percentage of the mortgage payment for a few years which is great but now were on variable again it has less of an impact. We dont really want to sell the rental house as this is basically our pension.
Ive been told that mortgage companies wont take the rental income into account (they see it as a supplementary income?) so basically we dont earn enough on paper to get the mortgage we currently have and are paying. If were paying the current amount surely we can pay a lesser (deal) amount? I know this may sound like common sense ..
So the question is, is there a way out of this? Anyone managed to get a deal in a similar situation?
Thanks
Pete
I wondered if any of you have been in or are in a similar situation to me?
Very briefly, I need to get a new mortgage deal on my house but my wife and I have both changed jobs in the last year and are now self-employed so have no real accounts to speak of yet. The house was purchased on a 5 year fixed deal while we both had reasonable full time jobs. This deal has come to an end and so far the lender hasn't offered any new deals, just put us on a variable rate, which is now starting to have an impact financially. We have a rental property which helped with a large percentage of the mortgage payment for a few years which is great but now were on variable again it has less of an impact. We dont really want to sell the rental house as this is basically our pension.
Ive been told that mortgage companies wont take the rental income into account (they see it as a supplementary income?) so basically we dont earn enough on paper to get the mortgage we currently have and are paying. If were paying the current amount surely we can pay a lesser (deal) amount? I know this may sound like common sense ..
So the question is, is there a way out of this? Anyone managed to get a deal in a similar situation?
Thanks
Pete