Problem with proof of earning..... have more than 25% deposit - which way is best?

northernval

My partner and I are trying to move house - we have over 25% desposit - (House is 218k deposit is 62k) - He is an employed company director - and has been trading for just under 2 years and i have only recently started a new job due to the company going under where i used to work. We earn about 55k between us. The house we want needs doing up so we want to go interest only in the beginning and preferably fixed for 2 -3 years. Due to the problem with proof of earnings which would be the best type of product and where would be best to start looking?

herbiesjp

Why would you have problems with proof of earnings?

You would have a contract of employment, and a payslip/bank statement I hope.

Your partner would have a years accounts? I'm assuming he is a self employed director, as otherwise the trading period would not be that relevant.

Hopefully you would be able to get standard rates, but I would suggest discussing this through with a whole of market adviser in order to make sure you get the best deal possible

dunstonh

Thre is also tax tax returns to the HMRC which state how much was earned.

Some lenders will not let you go interest only without a repayment vehicle. The fact you need to get interest only for a couple of years suggests you cannot afford it and to be honest, if you cannot afford it now, whilst rates are at record lows, then what chance do you have in years to come when mortgage payments could be more than double?