advice please

[newman]

Hello and thank you for all the responses.

I have a 'repayment only' mortgage, with a penalty if I pay off early. So will look at interest only.

Believe it or not I have been in full time employment with current employer for the last 15 years! But my wage is not enough for me to get a re-mortgate of (3 times my income) approx £150k.

I am looking at working for myself (sole trader) (evenings and weekends) this could boost by income considerably, extra £500/600 per month. However I would need about 3 to 4 months to set this up.

BTW..I was being very conservative about the value of my house, this could be as high as £165k. So would it be possible for me to get a remortgate for this amount and not disclose my income?

What are the consequences if I don't get an IVA accepted? CCJ's or Bailiffs or worse?

Regards

newman

[MelanieGiles]

If yo do not get an IVA accepted, your only options then are to go bankrupt or enter into a payments arrangement with your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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[Andrew Graveson]

Hi Newman,

I'd suggest that you contact one of the brokers on this site. Other than myself there is Mike's company Leybridge, and Tony Parsons (Welshboy) comes highly recommended. This might not be a sensible option for you but finding out will cost you nothing.

If asking your existing lender to move to an interest only arrangement is your best option I believe that all of us would suggest this rather than a remortgage to another lender.

No proper broker could give you personal advice on your remortgage potential without fully and deeply understanding your personal circumstances (hence the suggestion to call someone). You should also be aware that for many many good reasons self-certification of additional income should be 100% related to the reality of your situation.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[newman]

Hello Melanie and Andrew,

I will need to have a long hard think.

Thanks for your advice.

newman

[Welsh Boy]

newman

Contact your present lender and have a talk with them, although your property may be worth more than you originally posted you have by your admittance a possible issue with lack of income. Please be careful when contemplating a re-mortgage, you need to be up front with the situation you have a "duty of disclosure of information" and won`t be helping yourself in the long run, affordability is so important for us. I am sure both Andrew, Mike or myself would point you in the right direction but there are lots of brokers that would do the same. When your new venture as a sole trader is up and running why not take a view then, good luck. Tony

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[mikebdomain]

Your current lender really must be your first port of call, to determine what options they can offer you.

If your credit status is still good you could obtain a mortgage product for remortgage purposes that allows a higher than 3 x income multiple. But could you actually afford it?

Tony is correct in that you could approach any reputable authorised and regulated mortgage broker and go through a full fact find and they will be able to offer you full advice on all your available options.

Without a fact find and possibly a credit search to verify your current credit status, it is virtually impossible to offer a clearer picture of what you might be able to achieve.


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