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Newly self employed.
pawpurrs
Posts: 3,910 Forumite
Newly self employed no books, but plenty of work. Got a 150k deposit, 100% clean Credit History, no loans whatsoever.......and looking to buy up to 250k , (which is less than 2x income) will any one lend, now that self cert is no more. Cant see that I am high risk, with such a large deposit? Surely, any employed person could be made redundant tomorrow? Worried that I will struggle to get a mortgage, my current bank Nationwide have allready said no, not untill you have two years books!
Dad has said he will go on a mortgage application, he is still working (self employed with plenty of income, but is nearly 70)
Thanks for your help.
Dad has said he will go on a mortgage application, he is still working (self employed with plenty of income, but is nearly 70)
Thanks for your help.
Pawpurrs x 
0
Comments
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In the current market, newly employed self employed people are classed as unemployed by lenders.
Unfair I know, particularly with the sort of deposit you have, but they just don't want to knowI am a Mortgage adviserYou 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.0 -
which is less than 2x income
Problem is that you have no income. You would effectively need a self cert mortgage and we know what has happened to those.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Well actually I do, as I have work booked in for the next 8 mths, with deposits taken allready, to secure the work. If I was employed I could be sacked or made redundant tomorrow, so hardly seems fair, to me given the fact that the deposit is so large.
I would think I would be far less risk than a FTB, new to the job market, with a 10% deposit but there you are. I should imagine someone with over 50% of their own money in something would be far less likely to walk away than someone who has put hardly anything down, in the first instance.
What about lending with my dad, would any lenders lend on that basis?
There is a possibility of a house at £175k with a £150k deposit, still a no go?Pawpurrs x0 -
A guarantor mortgage (with your dad) will be the only option - as long as he has enough verifiable proof of income.
The other factor would be his age, and maximum ages most lenders have on mortgage
Whilst I think this will be difficult, a good whole of market adviser who can put a good case to a lender would be worth a shot - especially with that depositI am a Mortgage AdviserYou 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.0
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