morgage when self employed

[funkylady]

i went to a morgage broker to enquire about my options he seem to think that no bank will give me a equity release my house is worth €350,000 i want to barrow money which will bring my morgage upto €135,00 my hubby is self employed is books do noy show healthy profit as alot of his work is cash,i have just gone in buisness since september he wants me to apply for a morgage with a company who's rates are 7.2% i nearley fell off the chair,he said i should stay on this rate for 1 year than change back but will there not be charges ,i have good credit rating
any help please

 

[barryl]

you need to be able to show records of your earned income to get a loan from a high street bank,unregistered cash jobs are no good when applying for a top up,your only option is to pay 2% extra to a subprime lender,maybe you could go interest only for a year or two as your mortgage is low with a view to changing back in a couple of years, this would keep payments lower,but remember nothing will be paid off the principle mortgage amount

 

[moneygrower]

my hubby is self employed is books do noy show healthy profit as alot of his work is cash - he wants me to apply for a morgage with a company who's rates are 7.2%

In fairness you can't have your cake and eat it, how are the regular banks supposed to know what you earn if you won't declare it?