Mortgage for Recently Self Employed & low LTV

sophiewophie

I am wondering if anyone can offer me any help or advice. I was made redundant last year, and am now self employed. I am luckily earning very good money, but have yet to file a tax return and don’t even have a year of accounts.

Myself and my partner were looking to relocate now I am not tied to a location for work. Partner is in building trade and the plan was to buy a wreck for cash, and do it up whilst living in situ whilst I earn the coffers. We should have around 180K cash to play with once we have sold our house. This weekend we went on a little house hunting mission, and instead of finding a wreck we liked, we found a house we loved for the location by pure chance, on getting home and scouring the internet we found it is on for 375K. I am absolutely devastated as I don’t think I could find anywhere I wanted to live more than. So instead of the mortgage free dream, I am wondering how to raise a significant mortgage instead! Barmy I know. The sensible thing to do would be to turn a few wrecks over, save, wait until I have 2-3 years worth of accounts, but looking at the sold prices on this road only 3 houses have come up in the last ten years and most were way too large and expensive for us to have a hope in hell of affording. So I really do not want to miss this house.

So my question is, does anyone have any idea how I could raise maybe 195K without proof of income and only a few months self employment history? My partner’s income has been very sporadic this last year, and his income alone would not be sufficient for the multiples criteria.

We currently owe 205K on a mortgage right now and have never defaulted, but this was achieved with proof of income around 4 years ago. If only you could port the mortgage no questions asked! Any help or advise greatly appreciated

Tuscan

dont think you have much hope to be honest, the old self cert mortgages are a thing off the past now. lenders will want proof of income and that its enough to cover the loan..

self employed tends to mean 3 years of audited accounts.

im a builder so no were your coming from with sporadic income with the credit crunch, why not just stick to your first plan and be mortgage and stress free while times are a bit tuff...

herbiesjp

sophiewophie wrote: »

So my question is, does anyone have any idea how I could raise maybe 195K without proof of income and only a few months self employment history?

This is not going to happen.

So I would revert to a different plan if you have one

sophiewophie

Thank to both of you for replying. It's as I thought... So it will have to remain a dream