Current Rental Payments for Affordability Criteria on new mortgage?

Firefly1710

We are currently renting a property and have been doing so since June 2009. We have never had a late or missed payment. The house is a 4 bed detached so a substantial monthly rent is involved.

Both myself and my husband have recently set up as a Ltd Co. previously he was self employed and I was paid by him on a self employed basis for the administration roles. Our incomes on paper are not high (legally!). The business is prospering but it will be a while before we see any real profits and our salaries are minimal.

We continue to meet our monthly commitments happily. I have bad credit history (2 years discharged bankrupt), my husband's credit is very good.

Are there any real prospects of us getting a mortgage on a property that will house us all? without the payslips and accounts to verify income. We have a little savings, but family would probably help deposit wise.

We can prove we can meet the monthly commitment and have done so at £xx for 3 years plus, surely there must be some common sense lending criteria somewhere? Anyone any experience in this?

Or are we just going to have to continue throwing money away for another few years?

Thanks for any help!

kingstreet

Your current rent has no impact on the affordability of a proposed mortgage. Lenders will simply expect you to have a good rent payment record and may want evidence of it. You will need accounts for the business before a mortgage application will be successful.

The bigger the deposit, the shorter the period may be. I'd expect two years to be the minimum. Others may add more...