Need a huge amount of help re; mortgage, self employment and debts

tashaosborne

Right then!
Im 22 and my husband is 23, we have 2 young children. We currently have a mortgage on a shared ownership property (bought in 2006, 25% share worth £33750) and are desperately looking to buy outright. However (and here comes the long list of problems) in 2008 my OH left employment, before he was made redundant, and began his own business as a sole trader. Work was sparse and we fell behind with our creditor payments and began a DMP. Work has picked up substantially over the last few years and are now paying our creditors as before. Our mortgage isn't due for renewal until next year but obviously we don't want to be in this property. My husband only has his Self assessment returns/ bank statements as proof of income

Basically, what I'm trying to find out is
a) are there any mortgages available to us?
b) is it best to just stay as we are and next year just let our deal lapse whilst our credit rating improves?

My husbands net profit this year was £17732
My income was £12448
We have never been behind with our mortgage, rent, utilities or council tax if it helps

property.advert

You have a DMP and are thus pretty much out of the mortgage game.

Why do you "obviously" not want to be in that property ?

There isn't a "last few years" between 2008, then later self employment and then later credit issues, probably in 2009. It is only last year, 6 months ago.

Even without the problems, your husband will need much more proof of income, probably at least 2 years. However even that will not matter as your DMP is probably only a year old at most and that will kill all your future credit for years to come.

_Andy_

How much deposit do/will you have saved up and what kind of property value were you thinking of?

tashaosborne

Sorry I was probably unclear....It was febuary 2008 when he started (tax year 07-08) which is where we get our first year self assessment from and how I got confused (we have 3 years' self assesment returns). We are no longer involved in a DMP we are now making repayments ourselves. We "obviously" don't want to be in this property as we're looking to buy outright, we originally wanted a mortgage so as to not 'waste' money renting..... funnily enough we are still renting.
Property.advert - You've said we need more proof of income.... such as? 2 years of what?
Are you suggesting then that we stay where we are with the same motgage even when our deal ends?

tashaosborne

_Andy_ - We were looking at a properties around 100,000 with a view to saving £7000, possibly more?

_Andy_

Not going to happen at that LTV given the adverse, income issues etc.

tashaosborne

Any ideas what kind of LTV we're looking at?