Mortgage Chances?

slickdt

Hi there,

My wife and I are now looking to buy a property after renting the first year and a half of our marraige.

The property I am looking at is valued at £85,000 fixed. I am self-employed and my wife is employed.

My first two years of business were a bit slower as you would expect, so my net profit was around £15k both years. My business is really picking up now though and I expect a profit of just over £20k for this years accounts and a minimum of £25k the year after due to a few brand new contracts. I do my own accounts and self-assesment (an advisor at HSBC has already said that won't be a problem)

My wife earns around £10,000 per year before tax and has been in her job over a year.

What are our chances of getting a mortgage?

Conrad

I think you will fit affordability for certain lenders. You do not say what figure you want to borrow, but I think 90% should be doable if your credit score is ok (ignore the usualy generic scores from Experian et al, these are not a good guide as to how lenders will score you.

beecher2

How much of a deposit have you saved? Do you also have money set aside for fees?

slickdt

It would be a 90% mortgage.

The particular mortgage we are looking at has no fee.

Is there any other fees we should know about?

beecher2

Solicitors fees - get quotes from a few solicitors to see what you'd be looking at.
Survey fees

payless

Whilst 90% may be available - as to whether HSBC will go this far on competitive deals is another question - only HSBC will know the answer