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Mortgage for self employed??? First time buyer

Hi everyone.

Myself and my partner are thinking of buying our first house within the next year or 2.

I am self employed and have been for 2 years. I am totally confused on how I should go about getting a mortgage. My partner is in a part time job at the min while studying.

If I go to a mortgage broker will they look for 2 years accounts? or 3? or are there lenders out there that let me certify my own income? If so what size of deposit do I need?

Basically I am so confused on the topic of mortgages for the self employed. I would really appreciate some info.

Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    stuart2588 wrote: »
    Hi everyone.

    Myself and my partner are thinking of buying our first house within the next year or 2.

    I am self employed and have been for 2 years. I am totally confused on how I should go about getting a mortgage. My partner is in a part time job at the min while studying.

    If I go to a mortgage broker will they look for 2 years accounts? or 3? or are there lenders out there that let me certify my own income? If so what size of deposit do I need?

    Basically I am so confused on the topic of mortgages for the self employed. I would really appreciate some info.

    Thanks

    Consult a specialist broker. Have as much financial information ready as you can. Did you prepare your own accounts or use an accountant?

    Try the FSA website for some guidance. The advice is totally unbiased and a good starting point.

    http://www.moneymadeclear.fsa.gov.uk/mortgages
  • Thanks for the info. Is it possible to get a self cert mortgae in my case as a first time buyer?
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Do you have accounts and if so for how many years?
    If you can prove your income then a self-cert mortgage is not needed nor appropriate.
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    If you have 2 years accounts then that should be sufficient for most lenders, consult an independent mortgage broker as they will be able to fit your circumstances with the lender most likely to be happy with the overall profile.

    How much of a deposit do you have?

    What income?

    Any other credit committments?

    Any adverse credit history between you?

    What value property are you looking at?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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