Self employed mortgages

Muzz1

Hi all. Looks like next year I may have to go self employed or ltd company.
Problem is we would like to move house next year as well.
Whats the chances of a newly self employed person getting a mortgage to buy a £240000 house with a £100000 deposit. My wife makes around 16k a year and we both have excellent credit history. Cheers for any info!

holly_hobby

No chance .. unless your new business is in the same line of work that you are in now, within which you have relevant experience.

Even on the above, I would generally say you are looking at at least 1 yrs books, (fully audited if you go Ltd), HMRC return if you are not.

The best guidance I could give, would be to approach your current lender (whom has experience of you) with your proposals, take a fantastic business plan to support your request and keep your fingers crossed - with a low LTV the UW will apply their own mandate to the case.

Alternatively, try your personal bankers, again based on your historic relationship with them, they may take a punt.

Good luck with this and your new business of course !

Holly

Wh05apk

..........or do it now before you make the jump, obviously at your own risk!

Muzz1

Thanks for the advice. My mortgage is with the Halifax so I'll make an appointment with an advisor and see what they say.
Cheers!

Wh05apk

Halifax rates generally are lousy now, unless you are tied in to them look elsewhere.