remortgage; advice appreciated

[buyaka]

Hi,

This is my first post in here, having only discovered the site yesterday ...... excellent resource!

My wife I and are considering moving house.

Our current home has been valued at between €500k and €520k

We have €200k left to pay on our mortgage.

The houses we are interested in are going for between €560k and €580k plus stamp duty........we obviously aren't first time buyers.

At the most it looks like it'll be a jump of €100k to move.

We are both self employed, I have a gross wage of approx €50k, my wife hasn't been paying herself a huge amount as she's starting off but hopes to pay herself the same as me ..... €50k ...... in 2007.

I should point out that both of us have our business accounts with the same bank (Ulster Bank) and my father has a company employing 30 people and has banked with this branch for 20 years or so.

Could somebody please advise me how likely the bank is to approve a remortgage to allow us buy the house we want.

Any help greatly appreciated!

 

[CathyK]

Hello and welcome to AAM,


has your wife taken any income from her company and how long have you both been sepf employed ?

One thing to look out for is that most lenders are now looking for notice of assessments for proof of income (they are not happy with accounts anymore), I have only come accross Bank of Scotland that are not looking for your notice of assessments at the moment.

It may also be worth talking to a broker as they will be aware where is the best place to go. At a last stray and depending on how much you want to move, there are specialist lenders that will let you self certify your income however you will pay through the nose, beware...



www.keatingfinancial.com

 

[liteweight]

Unless its changed in the last few months, BOS allow your accountant to provide a 'letter of serviceability.