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09 October 2008

Re-mortgaging with no self-certs available

I took out a mortgage 2 years ago, my salary wasn't high enough to purchase the flat I wanted, so I did a self-cert mortgage through a broker. I live with my partner, and he pays half of the mortgage, so we can afford the repayments. We need to re-mortgage by December (or our current rate will go up to 12% which is not affordable for us), but don;t know how to proceed when the self-cert option is no longer available. Will mortgage lenders still view me favourably becasue i have made all of my payments over the last 2 years, or will I struggle because my salary isn't at the level expected for the size of my mortgage? I have been advised to contact my current lender first to see what they can offer, but I am worried about them realising that I am not earning the salary that they initially thought. Any suggestions? Thanks

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