When could I get a mortgage (self employed)

ash213 · 19 July 2011 at 1:51PM

Hi
Im currently self employed.
I have just filed my tax return in for the first year with a profit of £23k.
My partner is a teacher earning £26k.

Will any mortgage companies look at us as a couple with my 1 years earnings? or will i have to wait two trading years to prove the income?

In addition, we will have £20k deposit to put down.

If it is a problem including myself on the mortgage at present, do you think my partner will be able to get a mortgage for us in her name? Like i said above she earns £26k and we have a nice deposit.

Also, she has been telling me about teacher mortgage schemes, are they any good? will they help us out?

Please advise as we are desperate to purchase a property.

Thank you all

RubyRue · 19 July 2011 at 4:13PM

We are in the same boat. My husband has been self employed for 18 months and I work full time on roughly the same salary as your OH. Hubby probably earns round about the same as you. Hate to be the bearer of bad news but the high street banks we have spoken to, HSBC, Santander and A&L all want at least two years accounts and that is with a £50,000 deposit. Hubby already has a mortgage with A&L on a fixed rate until Dec and they have already said once it runs out they won't even offer him another one until he has two years accounts, it will just go onto their variable rate.

On the plus side, after speaking to a mortgage broker there maybe a possibility of getting a mortgage through the Co-op who do lend to people with less than two years accounts, apparently. Although I have no idea what their rates or fees are so we are going to speak to them on Saturday.

With regard to your partner on her own, I guess it depends on the value of the property and what her financials are like. For the amount we want to borrow, around £130,000 I wouldn't be able to get it in my name alone.