Mortgages - Our options

[Chubster]

See there is a few Mortgage people on here so any advice appreciated...

We started our retail shop in July last year and it is doing well, paying for itself and our bills etc. I am a self employed employed decorator although I am winding this down to concentrate on the internet side of things.

We would like to move house...but obviously on paper things do not look great, so what are our options regarding mortgages, would we have to go down the self cert route?

We also rent a small warehouse at the moment, which we plan to turn into a cash & carry type affair for horse and pet products. If we found a suitable property that also had a barn that we could use for this side of our business would this give us more options re financing?

cheers chub

[batface]

See there is a few Mortgage people on here so any advice appreciated...

We started our retail shop in July last year and it is doing well, paying for itself and our bills etc. I am a self employed employed decorator although I am winding this down to concentrate on the internet side of things.

We would like to move house...but obviously on paper things do not look great, so what are our options regarding mortgages, would we have to go down the self cert route?

We also rent a small warehouse at the moment, which we plan to turn into a cash & carry type affair for horse and pet products. If we found a suitable property that also had a barn that we could use for this side of our business would this give us more options re financing?

cheers chub

Dave (giftwrap) at Gift Wrapped Mortgages will give you good advice.

I have started to do SEO for him - hence the sig.

Mick

[Chubster]

Dave (giftwrap) at Gift Wrapped Mortgages will give you good advice.

I have started to do SEO for him - hence the sig.

Mick

Which i stumbled just the other day

[giftwrap]

Hi, if you don't have accounts as yet or they don't give a fair reflection of the business then self cert would seem to be the best option for now. Rates are more expensive especially since the credit crunch hit but not massively so. Most lenders will allow you to use up to 40% of your residential property for business purposes - so a barn should be ok. You need to be aware to that brokers have a responsibility to you and the lender via the FSA to satisfy themsleves that affordability is there. Which should mean reviewing business bank statements/cashflow etc - however, the LENDER will NOT require any evidence of income but you MUST certify your TRUE income on the application form. Rates will vary but the more of a deposit you have the bestter the rate might be.

[batface]

Which i stumbled just the other day

cool!