So confused - FTB mortgages!

Trixi

We are first time buyers with a £17000 deposit (we could stretch to £20000 if that would make a difference to the deal we might get). We have made an offer on a house and expect to agree on around £110000 - 112000. Joint income approx. £23000 per year (one of us is recently self-employed so actual income is higher than this - Edit: the Self Employed income is not included in these figures.)

It seems that this should be a fairly simple case but, after some initial research on mortgages, I'm so confused I don't know where to start!

The only local broker I can find online charges an upfront fee and I'm not keen on this so will be looking around some more in the week but would really appreciate any advice on a starting point / any good current mortgage deals / a recommendation for a broker for someone in our position.

GMS

How recently self employed and how much of the income is derived from this?

ACG

How recently self employed?
Being in the business it doesnt sound that clear cut to be honest. Self employed with less than 2 years accounts can be a nightmare unless your a contractor or with a 25% deposit.

Trixi

Sorry, I didn't make that clear - the self employed income is not included in the figures above. As it's only just 6 months and will vary seasonally I assumed it was not worth taking it into account at all for this. So the £23000 is regular/permanent income from one full time and one part time job - the self employed income is in addition to this.

ACG

The part time job (if its done by the same person as the full time job) may only be allowed to use half of that income.

However what your saying should be achievable, go and see a broker they will help you out.

GMS

Being party to the mortgage and having no income will mean being classed as a dependant of the earner which will impact on borrowing.

Definitely worth a chat with a broker

Trixi

Thank you so much for replying.

I should perhaps be a little clearer - my partner works full time with a salary of just over £21000. I am the self employed one and make a reasonable amount which I assume won't count as it's so recent. I also work part time in a 'real'(!) job and this income comes to approx. £2000 a year.

It sound like this could be a little more complicated than we'd hoped!

Thank for the answers so far, and for your patience!

ACG

It should be possible but i would speak to an advisor as it is less than straighforward and you coudl be cutting it quite tight with some lenders.