Help Needed for Self Employed Couple Wanting A Mortgage

PammyD

Hi Guys

My partner and I are both self employed (he has been self employed for many years but I have less than a year's accounts).

I am in rented accommodation and in receipt of some benefits being a single parent of three young children and he lives elsewhere but isnt on the electoral role.

We could have a deposit of around about £100,000 but would we get a mortgage?

Any help or ideas you could give us would be really helpful

justjohn

yes....
But will depend on income and size of mortgage/house purchase.

He will need too prove income. The more you put down the more likely they will be too give you a mortgage.

You are aware you may loose some benefits if you move in together?

ACG

You dont say what his income is and how far you are from 1 years accounts and how much your expected income will be.

We also need to know how much your looking for.

justjohn

Being self employed is a pain because they prefer audited accounts.
However they can also do it on affordability.

If accounts are not audited by a professional accountant they are more or less useless.

PammyD

Thanks for your responses.

His net profit is approximately £25k. I will have been trading for a year in October and estimate that I will have earned approximately £8k. Our accounts will have been audited by an accountant.

We would be looking to purchase a house up to £180/£190k.

Will we still get a mortgage if he isnt on the electoral role?

Annisele

PammyD wrote: »

Will we still get a mortgage if he isnt on the electoral role?

That depends in part on why he's not on the electoral roll.

For example, if the reason is that he's a foreign national, potential lenders will be interest in his exact immigration status. That could run all the way from "illegal immigrant = no mortgage" to "has indefinite leave to remain= lender doesn't care all that much".

There are other reasons he might not be on the roll, and lenders will care more about some of them than others.

PammyD

Thanks for your reply - the reason that he isnt on the electoral roll is that he actually lives on a boat so has no "fixed" address

GMS

PammyD wrote: »

Thanks for your reply - the reason that he isnt on the electoral roll is that he actually lives on a boat so has no "fixed" address

Where is he registered with the Inland Revenue?

PammyD

He's registered at his Mum's address

Dave_Ham

What about his bank account?

With that sort of deposit, there will always be solutions but credit scoring could be an issue (as address history)

Would think sitting down with a decent broker in advance of anything would make sense.

Good luck

PammyD

His bank account is also registered to his Mum's address.

We both have good credit records, we've both had mortgages in the past and would hope that the amount of deposit that we could put down would go a long way to convincing lenders that we were good for the money. We would also only want to have a borrowing period of approximately 10-15 years.

I think we do need to sit down with someone and go through our options but thought that the Forum might throw up some information first.

Thanks for all your replies!