Mortgage advice - non-first time buyer & self employed

fdavis

Hi I was wondering if anyone had any advice or experience similar to our situation.

My husband is self-employed with 3 years accounts and has previously owned a property (no longer owns it).
I already own a property on a buy-to-let mortgage.

As we are not your standard first-time buyers we seem to struggle to find mortgages that are available to use.

We are looking to buy our first home together with approx. a 10% deposit.

Thank you :beer:

Conrad

Many self employed people have similar worries, so your'e by no means alone.

The solution is often to use a lender and a particular underwriter to see through the accounts to gauge the true income as it were, which for self employed people is invariably higher than simply thier new profit.

15% deposit would be better as 90% lending is rationed just now, and although possible it's a little harder to obtain than 85%.

fdavis

Thank you for the advice. We'll keep saving for the time being then I think.

herbiesjp

I don't understand the term you "non standard FTB"

From what you post, there is no reason why you should not be able to get a mortgage.

As long as you have verifiable income high enough to support the mortgage you are looking for, then you will find deals.

As rightly posted above, 90% deals are not the best, but they never have been, as they are classed as higher risk.

If you can save up for a 15% deposit then it would help get a better deal for you.

Being self employed per se, is not a problem though.