I can't prove all of my income for a remortgage

Posted on 17 September 2007

I would like to remortgage my house, it is worth £175,000 and I would like to borrow £150,000. My husband and I have separated. He doesn't want anything from the house but has left some debt that's in my name. I have 3 children, one who is 18 and pays rent. I only work part time and I cannot prove some of my income? I have been paying mortgage payments of around £1000 but would like these to be reduced so I can afford to stay in my home. Any tips?

Hi Carole,

Yes this could be fairly straightforward, depending on your income. A few lenders can go to 85% on a self certified basis, or if other aspects of your case are positive, a broker might be able to get it through on mainstream rates for you by negotiating with the underwriter to accept what little income verification you do have.

Your existing mortgage payments will also help you evidence that you can carry a certain level of affordability so make sure you mention that you have been making them in full and on time.

Keeping the new payments low can be done by extending your mortgage term, or considering interest-only for a while of you think income will increase in the future. There are some risks you might want to consider.

Best of luck.

Katie

Category: Self-certification

 

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