First time buyers, can we do it?

Toothfairy4

Hi guys,

Me and my fiance are really wanting to buy a house (prob 2 bedroom), but we live in a ridiculously expensive area (surrey) and from having a look what we'd be after costs upward of £200k. I am a self-employed dental hygienist earning roughly £36,000 a year and my fiance works in a restaurant and earns about £13,000. We are very fortunate in that my other half was left some money and we have a deposit of £30,000 + towards the house.

I am totally totally clueless about mortgages and just need some advice really. I have only been self-employed for 6 months and was previously employed for a year before that after leaving university. My boyfriends mum mentioned I may need 3 years of records as I am self-employed before we could get mortgage, I'm not sure if this is true? Do we have a chance of getting a mortgage?

Thanks!

Lauren

Toothfairy4

anyone? please?

stef73

Speak to a independant mortgage adviors , its free then you would know for sure.

opinions4u

Toothfairy4 wrote: »

I have only been self-employed for 6 months and was previously employed for a year before that after leaving university. My boyfriends mum mentioned I may need 3 years of records as I am self-employed before we could get mortgage

Most lenders will require at least 2 years and probably 3 years audited accounts.

The key figure that they will look for is your "net profit".

A lower net profit figure minimises your tax bill. A higher net profit maximises what you can borrow on a mortgage.

The post above suggests "Speak to a independant mortgage adviors , its free then you would know for sure.". It's the only place your going to find out if there is a way round this. I don't think there will be. Make sure it is free before asking though!

In the meantime, save like crazy! The bigger the deposit you have the more chance of doors opening sooner for you.

Toothfairy4

thanks guys, guess we will just have to hold out for a while longer then! gonna be save save save for the next few yrs lol.

herbiesjp

Your 1 year track record being employed may help with 1 or 2 lenders - as they will be able to establish what earnings you were on and may compare them againmst your current earnings to establish a track record (that is assuming your employed role was the same as your current role)

However, the knowledge of a professional would be essential in your scenario, as you do not have any accounts as yet.