Mortgages for self-employed

ManicMum

Hello

I currently have a house with about 90% equity. My husband is looking to go self-employed but we were thinking about getting a larger home. I think we would be looking to borrow about £80k so not too massive (which would then be about 60-65% equity).

Anyway, currently have 2.49% First Direct offset. Not sure they would want to re-mortgage us if self-employed? Are there any companies accepting people with less than 3 years accounts? What sort of rate would that be? Or would we basically have to rent for 3 years? I forgot to mention we would probably be moving to another part of UK and would either have to rent this house or sell-up (well, try to anyway).

thanks folks!!!

kingstreet

There are one or two lenders accepting one year's accounts. Many prefer two years and a few insist on three.

Keeping your present home to let would be an added complication as you'll have to obtain consent to let, which may not be forthcoming and you'll probably have to have enough income to justify two mortgages if you do buy again.

Wh05apk

Sorry wrong thread!

mp80

I was self-employed up to Apr this year and am with FD and have 1 yr accounts which they accepted - I have been a customer for a long time so they have a lengthy account history and a few quid saved up so maybe that helped?

dartsman

Hi might have posted this in wrong thread but was just wondering if anybody can give me some information , i took out a commercial mortgage (paid 2% over the base rate) with Newcastle Building Society for £27500 in June 1988 paid it all off in December 2007 for 17 of these years i was self employed which reading on the internet i would not have been able to claim if i had too...the question i would like answering is could it be possible for my repayments to have included MPPI , i tried to phone them this morning but no one could help me got to phone back on Monday