Self employed mortgage help!!!

ncam

Hi was wondering if anybody has any advice at all?! Im desperate.:mad:

My situation is this...we're first time buyers with a 10% deposit on a £76000 house. We're only asking for £68400 morgage but we keep getting turned down. I myself have no unmissed payments on anything for the past 3 years and my partner has only 2 in the past 3 which happened well over a year ago.

No matter where we turn we keep getting turned down, is this because he is self employed. The desperate thing is that i'm pregnant. Baby is due late Decemeber so you can see i need to try and get things moving as soon as possible!! :mad:

Can anybody out there offer some advice?

jungle_jane

10% loans are still quite hard to find and the interest rates are very high. You may be better off renting for the first year after baby arrives and then trying with a bigger deposit in my opinoin.

But back to your original question - if your OH is self employed he needs 3 years of accounts/proof of income...and banks only lend 3 or 4 times salary these days....so if your OH earned less than 15k a year you probably wouldn't get the mortgage unless you had other income.

if you don't have enough deposit, your OH has a couple of missed payments, he doesn't have 3 years of books and doesn't make around 15k then its unlikely you will get a mortgage. Be careful of applying to too many places and getting rejected because this all adds to getting a bad credit score

GMS

Can your partner prove his income and if so for how many years? What is the income figure?

90% mortgages tend to require a high credit score. This may be the issue. What reason have you been given for the declines?

Do not keep applying at random as it will harm you further. It is important to apply to the correct lender

Senior_Paper_Monitor

Totally insufficient information to give you an accurate response I'm afraid.

To get 90% mortagges these days you need to be an A1 custoemr with a properly prepared case.

You are not doing yourself any favours by meandering around the few lenders who consider 90% LTVs lobbing DIPS/applications in to see what will happen.

Find a mortgage broker who will give some time top evaluate your case (provide all your details) and let you know what is an isn't possible.

ncam

Hi All manyt hanks for response.

We have involved a broker which, at the moment to be hnest i have lost all faith in as he just seems to be doing nothing, but applying for dips all over the place which as we know leaves a footprint as is damaging us more then if we did it by ourselves i should imagine!

My OH does have 3 years accounts readily available and his income has been over £20k a year. Im on almost the same, my credit with the last three years has been perfect and my partner has missed 3 payments as previously stated. 3 payments within the last 36 months is not exactly bad i think by todays standards but we just cant get any help

Senior_Paper_Monitor

I am somewhat embarrased to hear that.

What feedback has he given you on the rejections (while its not always possible to get any detailed feedback on rejections he should have been able to ascertain at least something to guide him/you in the next step - if any was possible) ?