Self-Employed first time buyer, but with well-paid partner....

peterdakin

So I'm a recent solely self-employed individual, with tax records that are far from suitable for a mortgage lender, however my partner earns a good wage and we have a reasonable deposit for a first time buyer. Our LTV is around 78-79%.
Basically for the last three years, 85% of my income has been through PAYE, with only a small amount of self-employment. I was made redundant last year, but have enough contacts and knowledge to easily to survive as only self employed. But in the eyes of the lenders; my PAYE earnings have to been ignored and they only take my self-employment earnings for the last 3 years.. which as I was only doing 15% of my work as SE, equates to hardly anything or even a loss.
So long story short, I get wiped out of the lenders equation.
Or does it??
Nationwide see me as a sudo dependant and half my partners wages, giving us a tiny mortgage.

Natwest, Halifax & HSBC are playing ball, setting my earnings at zero and basing the mortgage on my partner. Giving us reasonable fixed mortgages at ok rates.

Now i'm playing catchup and read about as much as I can but I have several concerns, and I was hoping that maybe people much cleverer than myself, could maybe answer them?
I hasten to add we're in Scotland, so not all banks/branches are widely available.

Halifax - safe bet? There's the MSE price hike.. and didn't people lose some savings in past years?
Very limited branches in Scotland, how very good phone service based in Sheffield.

Natwest - again limited branches, however I've been with them years. Expensive fees and a ok deal on 2yr fixed. But a safer bet?

HSBC - now here's my main question. Their lifetime tracker seem like a great deal. Good percentage, no term stipulations (we could jump to another lender whenever), able to pay more in whilst rates are low.
Are there some snags I've missed? Seems to good to be true??
Obviously there's the 'no breaks allowed' and 'no taking over-payments back'.. but that doesn't worry too much.

Thoughts appreciated.

The above three-lenders are the only lenders we've found, that are willing to lend the money we require.
HSBC haven't given us the 'Principle lending' but we're didn't want to many 'Principle' lending footprints on our records. We've two already from Natwest and Halifax.

Basically am on the right path, or is there something I'm missing or more importantly a lender that might be quite favourable?

Other decent lifetime trackers on my list are woolwich/barclays and first-direct.

ACG

Well, youve done plenty of research.

HSBC by reading on here you can see theyre hit and miss on who they lend to and how much.
There will be other lenders who arnt on the high street who may be available online or through brokers - building societies for example.

But if your partners income alone can support the mortgage then thats an option and a good situation to be in whilst your getting your business off the ground.