Is it all doom and gloom re Self-Employed?

katopotato

Hi all,

I've been looking through the fourms and I'm just looking for a general opinion on our likelihood of getting a first time mortgage in the current climate!

Husband is Self-Employed and has been for 7 years, has all tax records etc. earns circa £26k

I am currently working part time, we have a toddler who will be starting nursery in January and I hope to return to FT hours next year at some point. currently 20k - pro-rata 12k

We have a gifted deposit of £40k and looking to buy around the £150k mark.

Currently renting and lease expires in Feb, really want to move but hoped for a gauge of opinon on whether we should wait until I'm back full time or not?

thanks in advance.

harvey115

You need to borrow £110K and have a combined salary of £38K at the moment. It sounds a straight forward one to me and should be achievable subject to good credit history.

As long as your husband can provide last three years accounts (SA302) with stable earnings, you should be fine.

I would suggest you speak to a good broker to see what they can achieve for you. Then compare that with deals that are only available direct i.e. HSBC, Post Office, Cooperative and some deals by Nationwide etc.

Hope this helps.

katopotato

Thanks for this,

Yes we both have clean credit history, I have a car loan and we both have credit cards. His being zero mines at £400 or so!

Natural pessimists, but thanks for your input! Husband's father has a friend who is a broker so will try and get a chat with him.

Thanks again,

Simon_gloster

As harvey said , the SA302's (the figure either you or your acct declared to the taxman for tax purposes) is what they will use. Its more complicated if your income has dropped.

katopotato

Hi Everyone,

Just to Update, today we received out official Mortgage Offer from NatWest on a 3 fix at 2.29% through our IFA

Application took 4weeks in total, so thanks again to everyone who helped with queries and things.

Morgage_Confused

wow....great rates around at the moment, 2.29% 3 year fix and it seems mortgages are easy to obtain. Happy days.

Thrugelmir

katopotato wrote: »

Just to Update, today we received out official Mortgage Offer from NatWest on a 3 fix at 2.29% through our IFA

No issues with the source and size of the gifted deposit?

katopotato

Not at all, FIL provided letter and transaction details from NSI.