Please help!

sandraa_2

Hello,

My husband and I are thinking about buying a flat. Before going to the bank we would like to know how much we can hope to borrow.

He is employed on £36000.
I am self-employed with a net income of £5000

Now, the problem is I am a NEW self-employed (only 3 months). I have regular income and can prove it, but obiously no tax record yet.
Can anyone tell me if that would be a problem.

We are thinking about going with A&L or maybe nationwide...

Please help.

Sandra

wardlaw

You need to source an independent mortgage broker who charges no fees

That way he/she will be able to advise on the best course of action, and thereafter source the very best lender who's terms and conditions best suit your own particular needs

Good luck

John

homer_j_3

There are so many lenders out there that have different ways of calculating what you can borrow it is hard to give you a straight answer.

You can borrow normally 3.5 to 5 times your sole income if you were to do in your husbands name. Your income would be difficult to get accepted under full status with most lenders but some may consider if you have a history of doing the same kind of work in an employed role previously.

If not then you may need to consider a self cert mortgage but due to the small amount of income (no disrespect intended) it may not be worth considering full stop because if you take a joint income, the multiples change and reduce which may not benefit in the way that you need it too. Debts can also have an adverse effect on the amount you can borrow too.

If you tell us what kind of deposit you have and the price of the flat, we will be able to give you an idea of the feasibility of what you are doing.