self employed mortgage advice

needsomeadvice2009

Hi all

Wondering if one of you knowledgable mortgage advisors could give me some clue as to where I stand in applying for a new mortgage. Me and partner currently have a house/mortgage but we're looking to move out of the area. We don't really have the intention of selling, but instead rent out our current place and buy somewhere else.

I went self employed (ltd company) last year and on target to make about 70k this year (this is in IT, same type of work although not wage as previous fulltime job I had 3 years previous). My partner works fulltime, wage around 40K. No credit cards, no debts and our mortgage company constantly sent me junk mail to get a 40K loan with them!

We're looking to get a place for around 250K, but not sure of the size of the deposit needed, or the type of rate we could get. Would we have to go self cert due to my circumstances? What do you reckon are the chances of getting a good deal towards the end of this year?

Thanks in advance!

stuck_in_a_hole

you need to have been an established trader for 3 years

i don't know how self-certification works with the current market

Dan_1976

If you have a long term contract or short term that has been renewed as an IT contractor you may get away with it. Not been in it for bit, but from what I hear you will need a good deposit to get any mortgage that is not the norm. First call would be your bank, they see your spending habits and income.

If its Barclay they have a pre approved limit, well did any way.

You may have to wait for a few years in this climate.

yanda

Any mortgage advisors had recent applications from anyone self employed? Is it really so bad that no-one self employed can get a mortgage for the next few years?

herbiesjp

Every lender has its own criteria.

So an adviser will only really be able to tell you, based on having the full facts in front of them

Some may look at it and others defintely will not - don't forget that criteria changes as well. So whilst something may be available today, it may not be around by the time you come to the purchase.

With any mortgage, the bigger the deposit the better the rate. A 25% deposit would give you access to good deals.

Whether or not self cert is your first port of call would also need to be questioned - and the adviser you talk to would hopefully try and get a mortgage agreed for you on a full status basis in order to obtain the better deals for you.