Mortgage for Self employed Professional

nufc_fan

Currently looking to buy a property around £250K with a 10% deposit.

I am an employee earning £50k, good credit history and no debts.

Partner is a self employed associate dentist with one years worth of accounts showing net profit of approx £30K (8 months trading) with a current contract value of near £70K.

Struggling to find lenders who will consider the self employed income from only 1 years worth of accounts. Does anyone have any suggestions? Very difficult to find anything but frustrating as our joint income is £120K.

opinions4u

Save hard and get the deposit up to 15% or more.

And see a good broker.

ACG

Depending on what the contract says this should be possible to do.

1 years accounts with a 10% deposit wont be possible as far as im aware - but having a contract in place may make it slightly more in your favour.

I think for this you could do with speaking to a broker as you will need a lender that wont just say computer says no, it needs to be run via an inderwriter to get a human decision.

GMS

Have you looked at your income alone? 4.5 x income may be possible.

Broker definitely worth a chat on this one to see the options.

nufc_fan

with 15% would this give many more options?

4.5x income on my salary? would this still allow the property to be in 2 names?

scottish widows seem to offer professional mortgages but the interest rates are not great.

Jimbo1976

Yes, even if your partner's income isn't taken into account, they can be on the mortgage.

As you have spotted Scottish Widows do offer professional mortgages so they tend to take a more relaxed view of underwriting as typical most "professions" tend to have rising income, controlled levels of competition and recession proof jobs. However Scottish Widows don't have the lowest rates so I would keep them as a reserve incase you can't find another lender.

nufc_fan

Yes I am aware of the Scottish Widows products, the rates are not great however that looks like the benchmark for a broker to try and beat.

Anyone suggest a lender who will look at 4.5x single income?