Fast mortgage offer needed for auction purchase!

catt_2

Our situation is a bit complicated.

You see, although OH is an employee, I am self-employed and that has limited my choice of lenders in the past, though still high street lenders.

And what are the income mutipliers that will be used? We each had a home and mortgage of our own, based on our own sole income. It is the first time we are contemplating buying jointly and it will be in unequal shares. I have a large amount of cash from the sale of my previous home. OH wants to keep his flat and rent it out.

Not so straight forward! Are these insurmoutable hurdles?

herbiesjp

Being self employed should not be a problem - how long have you been self employed? Do you have accounts?

The solicitor would need to sort out the unequal shares, but again not a problem.

Keeping the flat in the background again is not really a problem as long as the rental income covers the mortgage payment

It is do-able, however I would definitely look at a fee free whole of market adviser to help you with all of this.

HTH

catt_2

Herbie
Would we need to take out a joint mortgage or could we have one each?

What is fee free whole of market and what's the alternative?

herbiesjp

You need to take out a joint mortgage

Fee free whole of market adviser, is one that gets paid commission by the lender chosen - being whole of market means they will source the mortgage market and find you the best deal


Some brokers charge a fee on top of the commission

Some brokers are tied to either one lender, or a panel of lenders, so in effect you may not be getting the best mortgage on the market, just the best of what that broker can offer

HTH

Mr_helpful

There is another alternative. The independent broker, who has to be whole of market by definition but also has to offer you the chance to pay purely by fees, which means any fee received from the lender has to be rebated to you in full, so that the adviser gains nothing from advising you to go with a high procuration fee paying lender.

catt_2

That's very helpful. I've now read Martin Lewis' mortgage guides too. I've spoken to a couple of independent brokers and it's looking favourable.

Thanks again!