Hi,
I'm looking for a bit of advice please....
My husband and I bought our current home in 2005 for £117k with a mortgage from Northern Rock which was done as a 90% mortgage and a 10% loan over the life of the mortgage.
We would now like to move to a bigger house, but I now only work part-time as we have 2 young children (I'm currently on mat leave), and my husband is now working as a consultant through his own ltd company, and come April will have completed his first full year doing this. Would we be able to get a mortgage to do this? Our combined income now exceeds what it was in 2005, but I think the way the accountant has set it up means that my husband's salary is quite low with the rest of the income coming as dividends.
Are there any mortgage lenders that would give us a mortgage with only a years worth of accounts and taking into account both my husband's salary and the dividends he receives?
If this is unlikely, would it be better to sell our current home and pay off any outstanding debts with any profit (not sure the value of the house has risen very much), then seek to re-enter the market a few months later (move to rented in the meantime) - as I understand it we wouldn't be able to re-enter the market as first time buyers, but how would we go about it?
Sorry if this is a bit waffly, we're just starting to look into options and don't really know where to start.
Thanks in advance
Maibel:)
I'm looking for a bit of advice please....
My husband and I bought our current home in 2005 for £117k with a mortgage from Northern Rock which was done as a 90% mortgage and a 10% loan over the life of the mortgage.
We would now like to move to a bigger house, but I now only work part-time as we have 2 young children (I'm currently on mat leave), and my husband is now working as a consultant through his own ltd company, and come April will have completed his first full year doing this. Would we be able to get a mortgage to do this? Our combined income now exceeds what it was in 2005, but I think the way the accountant has set it up means that my husband's salary is quite low with the rest of the income coming as dividends.
Are there any mortgage lenders that would give us a mortgage with only a years worth of accounts and taking into account both my husband's salary and the dividends he receives?
If this is unlikely, would it be better to sell our current home and pay off any outstanding debts with any profit (not sure the value of the house has risen very much), then seek to re-enter the market a few months later (move to rented in the meantime) - as I understand it we wouldn't be able to re-enter the market as first time buyers, but how would we go about it?
Sorry if this is a bit waffly, we're just starting to look into options and don't really know where to start.
Thanks in advance
Maibel:)