Hi first of all let me explain my situation
Self employed with average income after tax of approx 60k per year for last 4 years
Married with two kids and my wife is not currently working
220k left on tracker mortgage and current house value is 160k
Savings will be 100k by end of the year pension contributions 10k
I have a site with planning worth 30k
We need to move to a bigger house with the obvious choice been to build a standard house on the site which I think i can build for 150k
I was hoping to sell my current house pay the bank back 110k of the mortgage and keep 50k to finish the build
Would the bank allow me to keep my tracker on the outstanding balance?
Or anyone any other ideas how i could facilitate a move based on the above?
I believe my biggest issue is being self employed?
Self employed with average income after tax of approx 60k per year for last 4 years
Married with two kids and my wife is not currently working
220k left on tracker mortgage and current house value is 160k
Savings will be 100k by end of the year pension contributions 10k
I have a site with planning worth 30k
We need to move to a bigger house with the obvious choice been to build a standard house on the site which I think i can build for 150k
I was hoping to sell my current house pay the bank back 110k of the mortgage and keep 50k to finish the build
Would the bank allow me to keep my tracker on the outstanding balance?
Or anyone any other ideas how i could facilitate a move based on the above?
I believe my biggest issue is being self employed?