4m x 3m Omlet pen, cube, new auto door still boxed and coop light

[Gem_Seb]

We have the neighbours from hell and also own a 100% mortgage which we cant move directly from as we havent made enough money on the house to sell and get a deposit and cover moving costs! We have come to the conclusion that the best thing for us to is to sell after xmas so we earn a bit more profit on the house now its rising then move back in with OH mum for 6 months so we can put away the 1500 we spend on bills and mortgage every month and buy on again after with a nice deposit in a better area with nice neighbours!!

 

My OH has gone contracted self employed in Feb so our only thing is, we dont know how easy it will be to get another mortgage due to not having books so to speak, he still has a boss who pays him each month for the amount of work he has done, he just has to send a list of jobs in each Friday that have been completed... he also deals with his tax and we are responsible for the national insurance!

 

Does anyone have the same situation and have managed to get a mortgage!? or knows what happens in this case!? Any advice will be appreciated!!

 

Thanks!

[Couperwife]

oh no sorry things are rubbish for you with the neighbours, is there nothing you can do about them? (you have probably tried )

 

I dont know anything about mortgages, but just wanted to send you ((hugs)) get to the bank and have a chat, we went not so long ago and they sorted stuff out for us that we didnt realise could be sorted out

 

cathy

x

[quickcluck]

Have you looked into Self Cert Mortgages, they are for self employed people

[Woodcat]

hey

 

 

My mother is was self employed and managed to get a morgage and at a decent rate aswell. However it will be alot harder if you want a 100% one. What she said about it is that while it was a good rate etc the company she got it from would come after you with everything and be really really nasty about it. if the slightest thing went wrong and you missed a payment by even a day. Its harder if your self employed but not impossible she's even got a better deal than most people around us because they insised that we went with one fixed to the intrest rate rather than a fixed payment one and with the intrest rate what it is now.....

 

good luck

[Olly]

Self certified mortgages are available, but because it's viewed as a higher risk, you're unlikely to get the lowest interest rate, and also as mentioned above, it may be difficult to get a 100% loan.

 

A year or more ago, it would have been a lot easier but in the current financial climate they are harder to come by.

 

Your best bet is to speak to a mortgage broker because your situation is not going to be straightforward, and the sort of online or direct deals that you can apply for yourself are usually aimed at mainstream borrowers. You can go to a bank or building society but bear in mind that they will usually only recommend their own products, whereas a mortgage broker has access to a lot of different products and can advise on the difference between them.

[Happy chickens!]

Don't know much about it, but good luck and maybe try a mortgage broker - they usually know where to go for specialist advice.

[chick wiggle]

Ooo, a toughie, so sorry I cant help but wish you all the luck in the world

[abwsco]

I'm not sure what HSBC are like if you're self employed BUT they do not pay brokers fees and at the moment they are offering some of the best deals around. Would recommend you checking out MSE when you're ready to start looking. Good luck.

[Gem_Seb]

Thanks for all the thoughts!self cert is something i was thinking about, ive booked an appointent with a mortgage broke for Wed so will see what options if any he comes up with! will let you know!

[Guest]

I use London and Country mortgage brokers - as recommended on MSE. I've always found them very helpful and fee free so worth putting out feelers.

 

If I were you I would think again - in the current climate it is getting harder and harder to get a mortgage. I can't remortgage at the moment as the goalposts have been firmly moved in the last 3 years. I own this house jointly with Mum, I have a mortgage on my part. Because we both own it both names have to go on the mortgage. Not a problem at all 3 years ago when we took out the 20 year mortgage but NOW - if I remortgage they will only lend until the age of 75 which means I can now only get a 10 year mortgage!!! Of course that puts the payments beyond my means. This has left me on the variable rate which is fine now but if it shoots up then Mum will have to sign over her part of the house so that I can afford to remortgage.

[Falkor]

Hello, I work for an IFA and used to PA for a mortgage specialist sooooo....please do not take this as advice as i am personally not qualified but.........

 

True self cert mortgages are VERY rare in todays market and require something in the region of 25% deposit min. Also the rates/fees are hiked up. There are mortgages available called Fast tracks but again a sizeable deposit is required.

 

You are best speaking to a mortgage advisor regarding the self employed bit as they will have knowledge of each lenders criteria regarding minimum time Self employed. A lot of lenders say minimum two years trading but some are less, some are more. When it comes to choosing your mortgage adviser it is best to use one that has access to the WHOLE of market as many are tied to a specific panel of lenders and can/will only recommend those lenders.

 

Also look out for broker fees. Most lenders will pay a procuration fee to the mortgage adviser but some advisers will also want you to pay a fee for their services. These are sometime just for giving the advise, sometimes for arranging for mortgage and some only if the mortgage goes ahead and you complete. Full details of the fees being charged should be given to you at your first appointment in the form of the Initial Discolsure Document. Remember to think carefully about agreeing to pay the fee...........some are flat rate fees like £195 but I have seen advisers charge 2% of the loan!

 

Most advisers out there are great and I personally would suggest that anyone looking for a mortgage should visit one for advice and recommendation. You will probably also find that an adviser will have admin support who will chase your application through and keep you updated so taking some of the pressure off you.

 

Regarding your existing mortgage...have you checked when you early redemption penalty ends? If you sell before your current product finishes there may be a hefty penalty to pay. Also check the rate that your mortgage reverts to once the scheme has ended.

 

Saving up is the best plan and the more deposit you can put in the better as it can be easier to secure a mortgage and rates tend to be cheaper.

 

Wow....don`t I go on!

[Gem_Seb]

Our current fixed rate has just ended which is why we are thinking of it now! i phoned RBS and they cannot offer us anything but going on the varible rate and going up and down with that.. a friend of mine is with Coventry and they are offering all their 100% mortgage holders a 5.99% fixed deal for 5 years which is great but us being us are with the one compnay that say they cannot do anything!! annoying really as we have never missed a payment and we did have a £9000 deposit but the payments were the same if we used it or not so we decided to use that money for decorating the buying furniture! again wrong decision! lol! there is a pattern here! we really should start thinking along the lines of - what we will do and then do the opposite! lol

[Clur]

I'm not sure what HSBC are like if you're self employed BUT they do not pay brokers fees and at the moment they are offering some of the best deals around. Would recommend you checking out MSE when you're ready to start looking. Good luck.

 

But once you're with them, imho, they are a bunch of shysters...Great offers to get new customers, but no interest in looking after the customers they have as there's not as much money in it for them. Sure a lot of companies are the same but unfortunately we're trapped with them and I'd rather eat doggy-doo than recommend them or any of their products!

 

Best bet is to find a good broker. Relatives are self-employed and they got a good deal via a broker on a mortgage with the Abbey - they couldn't have got it direct, but the broker was worth his weight in gold.

[chickenanne]

H'mmm. The market, given that you have a 100% mortgage, may mean that if you sell in the short term you will loose money - if you add on fees, etc you might feel it's better to stay put if you can stomache it. You could well find that if you sell just after Christmas then you risk selling at the bottom of the market which would make the task of saving for your next one harder.

Also, IMO 100% self-cert mortgages will wither (a) never return, or (b) offer a pretty small multimple of income, or © be very expensive. You MAY find that if you sell and pay off the mortgage you won't be able to repalce it with one anywhere near as big.

 

It depends on how miserable you are living where you do, if you can do anything about it which is less radical than moving, and how living with your parents would be if it lasted for 3 or 4 years.

[PurpleTree]

We've just remortgaged. We saw a mortgage advisor who works in the local estate agents, but he does whole market advice, and he was free. He found us a good deal with the Abbey, we reduced our mortgage term by 2 years, it's fixed rate for 5 years and there was no fees. We also borrowed £5,000 extra so we could pay off our car loan, over all we're better off.