Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to servodude,tjh290633,csearle,jfgw,bionichamster, for Donating to support the site

Remortgage with non-guaranteed income

bee12345
Posts: 8
Joined: November 19th, 2016, 11:32 am
Has thanked: 9 times
Been thanked: 3 times

Remortgage with non-guaranteed income

#246748

Postby bee12345 » August 24th, 2019, 12:47 pm

Hi all,

I've had a £270k repayment mortgage with Nationwide for the last 5.5 years. The house (my first) was initially valued at £340k, but I've spent about £100k on it since, adding bedrooms, en suites, a garage, etc, so it's probably worth nearer £475k.

When I got the mortgage, I had a £70k permanent job. Life has moved on, and through my own choice I've been through various combinations of employed work, consultancy through my limited company and IR35 (public sector) work through my limited company. I have never defaulted on the mortgage – in fact I’m now in a position to think about overpaying against it.

I am thinking about moving house in the next few years. The house is not currently overlooked, but some kind people are going to start building a housing estate around my garden next month, with 4 houses looking directly into my garden.

My current work situation is that I earn c.£550-£600 per day in my sector – in a combination of employment (with a government dept on a kind of zero days contract, where no work is guaranteed but with a maximum of 200 days per year) and short term consultancy projects through my limited company. I generally get 3 or 4 days’ work per week. Assuming that I’ll have to go through all the affordability checks again at the point of moving house – do people think that I’ll struggle to remortgage or even port the current mortgage because of the non-permanent-job nature of my income?

I’d be interested to hear what you all think.

Thanks in advance,

Bee

DrBunsenHoneydew
Lemon Slice
Posts: 470
Joined: November 10th, 2016, 10:04 am
Has thanked: 41 times
Been thanked: 124 times

Re: Remortgage with non-guaranteed income

#246793

Postby DrBunsenHoneydew » August 24th, 2019, 5:36 pm

Banks normally want to see at least 2 years of professional accounts and tax returns for that sort of employment. If there's a reasonably "steady" income, it'll be OK.

bee12345
Posts: 8
Joined: November 19th, 2016, 11:32 am
Has thanked: 9 times
Been thanked: 3 times

Re: Remortgage with non-guaranteed income

#246812

Postby bee12345 » August 24th, 2019, 8:39 pm

That sounds much more positive than I thought. Yes, total income is fairly steady - it just swaps around a bit between the ltd co and employment year on year.

Should I use a mortgage broker when I come to move, or just try myself with the major banks and see where I get to?

Thanks for the reply!


Return to “Mortgages”

Who is online

Users browsing this forum: No registered users and 1 guest