mortgage based on my salary not husbands?

head_in_clouds

Hi, thanks for looking at this, hope you can help.
We are in the lucky position where we have been able to pay off all our debts completely and save up just over twenty thousand pounds for a mortgage deposit.
My husband is a contractor and earns around £60,000, however has not got three years accounts yet.
I have been in my job for over 2 years and earn £21,000.
My question is this will i be able to get a mortgage just based on my salary? We are hoping to buy a property for 120,000, with a deposit of £22,000.

Is this all a dream or could it happen?

Thanks

ACG

How many years accounts does he have?

I seen a lender the other day prepared to do it with 6 months accounts - although im not sure how much deposit would be needed.

If he has 2 years accounts there will be lenders willing to look at it, possibly even one years.

To answer your question, it might be possible to do it solely on your income but i think it would be hit and miss depending on a few other things.

head_in_clouds

Thanks for the reply, it has been just under 2 years, do you know which lender this was? Do you think it would be worth approaching a company like
contractor mortgages as they are more specific? Or going to a mortgage advisor?
Sorry for all the questions, i am a little clueless lol

ACG

The lender that does it with 6 months i cant remember off the top of my head i would have to root through my emails. I do know its not a company you can go to directly though.

I think you might need to speak to a mortgage broker for this, either a contractor mortgage or a general run of the mill one, both will have come across situations like yours.

If your able to get an accountants projection or wait for the second years accounts they would probably help your case.

head_in_clouds

Thank you so much for your help:)

Thrugelmir

head_in_clouds wrote: »

We are in the lucky position where we have been able to pay off all our debts completely

Have you had issues in the recent past?

head_in_clouds

Hi, no no issues at all, sorry i wasnt clear i meant we had paid off all credit cards, car loans, student loans etc. So all the money we have coming in is ours bar normal bills and savings.

Thanks

holly_hobby

Is he an IT contractor ?

If so, and this profession was also his previous employed role, Halifax will consider 12 mths or less activity, and base lending on the value of the contract.

If he works in another area, then the above may not be applied.

You may of course go directly to Halifax for a go see appointment - or use the benefit of a broker to gather together all lenders whom may consider the employment situ, and bat it off each one.

Hope this helps

Holly

Let_Us_See

Although your husband does not have three year accounts, there are lenders who will accept two years. Make an appointment with an independent mortgage adviser who should be able to source fairly easily.

marmitedog

I got a Clydesdale mortgage via Contractor Financials.
The role has to related to IT and the current contract needs 2 months left on it. They lend up to 1000 x day rate.