Mortage Advise - Please help

Jayman21

My wife is British and I am on a Spouse Visa. My wife sadly is currently out of work and the job market isn't looking promising soon for her so soon.

Hence I am the only one in full time employment as i work for myself as self employed.

We were at the point of starting the process of getting a house of our own before her job situation took a different turn.

Questions:

1. In our situation, are we still able to apply for a mortage giving that I (her husband on a spouse visa) is the only one earning income?

2. If Yes, can her name be included on the deed's document etc even though I am the only one paying the monthly repayment?

3. What would be the best type of mortage for us to go for? fixed rate mortage, variable mortage etc

4. who are the best lenders to approach given our situation.

many thanks and I urgently look forward to your response.

Thank you.

Wh05apk

Provided you have rights to reside, you will be treated no differently to a uk citizen, your wife should definitely be named on the mortgage.

The choice of mortgage is down to you, your views, your budget etc.

How long have you been self employed? How many years accounts? what's your net profits? How much deposit? How much do you need to borrow? Without knowing this, we have no idea who will be best for you.

ACG

1)You need to have indefinate leave to remain i the UK. If you have that you should be fine.

2)Yes

3)We cant answer that on here, its your decision. If you want actual advice you need to speak to a mortgage advisor.

4)As above.

If you are self employed you will need to have atleast 2years accounts really if not 3. If you have a 25% deposit you MAY be able to get away with 1 years accounts but you would be best speaking to a mortgage advisor.

Jayman21

Wh05apk wrote: »

Provided you have rights to reside, you will be treated no differently to a uk citizen, your wife should definitely be named on the mortgage.

The choice of mortgage is down to you, your views, your budget etc.

How long have you been self employed? How many years accounts? what's your net profits? How much deposit? How much do you need to borrow? Without knowing this, we have no idea who will be best for you.

Thanks Wh05apk,

Answers as follows:

How long have you been self employed?
2 yrs

How many years accounts?
2 yrs

what's your net profits?
£10,000

How much deposit?
£10,000

How much do you need to borrow? £140,000

I hope this helps? look forward to your response.

ACG

There is no chance.

At best you can get 5x your income. Add that to your deposit and your looking at £50k.

Jayman21

ACG wrote: »

There is no chance.

At best you can get 5x your income. Add that to your deposit and your looking at £50k.

Ok. Thanks. I see am not well prepared. If I were on a paid job (not self employed) say about 42,000 per year. what will that get me? and what will be my monthly repayment?