Is it possible for us to get a mortgage?

daxu

Hi,

I recently went to self employeed (around 10 month ago) and my wife is full time employed.
We have a joint mortgage at the moment and the balance is 27k and we have a saving around 58k.

This week we found a flat quite intesting and offer price is 125000£. Is there a chance that we can get a mortgage?
We have one daughter, my wife earns 22k a year, with some overtime, could be 23 or 24k.
My self employed job gives me around 25k in total and give my wife 2k as dividend.
However, my income dosen't count as it is not 2 years, and one bank counts me as my wife's dependent (although I pay the mortgage and most bills).

Is there a way that we can get a mortgage? In my mind I can think of --- divoice. So I won't be her dependent anymore and marry again after she got the mortgage. :rotfl:

herbiesjp

Buying at £125k with a £50k deposit means an LTV of 60% and a mortgage of £75k

With her sole income, you should be able to find a lender flexible enough to agree this for you.

Although you are right, quite a few lenders will regard you as a dependent (along with your daughter), and they will not take your income into account, as you do not have a track record of self employment long enough to fit their criteria.

daxu

Hi herbiesjp,

I tried my current mortgage supplier - ingdirect, but they don't want to do it. Do you have supplier in mind that may have better chance? I will call halifax and abbey first tomorrow to give a try.

Many Thanks