mortgage for self employed, earning £45k

mikefk

Hi

We are looking at buying our first home - the places we have been looking at are about the £230k mark. We have a 15% deposit, which means we would need a mortgage of £195,500.

I am self employed (the only employee and director of a Limited Company) - my last 3 years accounts, the average net that I have paid myself is £45k.

I have been told by HSBC that with my salary, I will be unable to get a mortgage for the amount I require - whereas a mortgage broker has suggested that I should be able to get a mortgage through them for this amount.

Is a mortgage of £195,500 on a sole £45k a year salary realistic?

Mike

happybroker

it's not impossible.

it may be worth sitting down with this broker if he is any good and whole of market.

sandiep

If it's a new build, then their broker usually finds a way get anyone a mortgage. Maybe not that independent or probably ethical. But somehow they always seem to manage it;)

herbiesjp

It is by no means out of the question.

Obviously affordability would need to be looked at, but on the basic figures it could be done.