Getting a mortgage/self employed/partner full time employed

acs_2

Can anyone offer me some advice/input on the following situation please?

My partner and I are looking to buy a home together. Im a director of a company with less than a years trading, but we do have a 5 year contract with a global company which documents what we stand to gain financially from the 5 year deal. Ie. My share would more than cover buying a 180k house outright!

She is full time employed and as a health professional is classed as a key worker. Between us we have £35k deposit and we're looking but to spend no more than £180k on a property.

Ive had a mortgage for the past four years and the only reason that will be stopped is because the sale on my property is going through and we'll be renting for a short period of time to save some extra money.

Am I going to be caught out by the whole 3 years accounts/scrutiny/lender wont touch me with a barge pole scenario? or could we make it a little easier by just getting the mortgage in her name and adding me to it in a number of years?

For the purposes of offering words of wisdom - both of us have impeccable financial histories.

Thanks in advance

ACG

If you have a contract you may be ok...

How much do you expect your income to be?
How long have you been in business and help this contract for?
How much is your partners income?
How much is the purchase price?

acs_2

ACG wrote: »

If you have a contract you may be ok...

How much do you expect your income to be?
How long have you been in business and help this contract for?
How much is your partners income?
How much is the purchase price?

Addressing in order....

50-70k pre tax
Since November 2012 - contract held since then too.
27000 basic/before unsociable hours payments
no more than £180k

Thanks.

ACG

Your not a million miles off with just your partners income.
If you can put an extra £1k down that gets you to the 20% deposit.

I think this will be possible, but im not sure you will get high street lenders prepared to look at it (in the main). I do think this is one more for a broker to help with.

acs_2

ACG wrote: »

Your not a million miles off with just your partners income.
If you can put an extra £1k down that gets you to the 20% deposit.

I think this will be possible, but im not sure you will get high street lenders prepared to look at it (in the main). I do think this is one more for a broker to help with.

thanks... I get the feeling i need to source a 'traditional' broker, where a human being sat facing me is making the decisions instead of a computer....if such a thing still exists?

ACG

It does - although it tends to be the smaller lenders (Which isnt a bad thing).

Those are the types of companies i would look to place this with, someone you can discuss it with before wasting any time.

acs_2

ACG wrote: »

It does - although it tends to be the smaller lenders (Which isnt a bad thing).

Those are the types of companies i would look to place this with, someone you can discuss it with before wasting any time.

Thanks. Apologies for my naivety here, but is it work speaking to a financial advisor before hand? or would such a service come hand in hand with sitting down with a smaller broker?

Crashandburn

Be interested to see which lenders would do this on the basis of the contract being paid into a Limited Company. I thought as the global company aren't paying the tax or NI, then it would be classed as just a normal start up business and with only 5 months trading, I don't know any lender that would do this.

I would say 1 year trading at least.

I think even a broker would scratch their heads over this one.

The saving grace maybe the partner with the £27k income and hopefully a good level of extra payments.