Mortgage help - self employed joint application

alib111

Myself and my partner are currently in the process of buying a new build flat in west London, we have exchanged contracts but won’t complete until February 2014 at the earliest due to various delays.

Originally it was just my partner who was to be named on the mortgage and she had an offer which expired last month. We have attempted to renew this offer however, we have an added complication that she has changed jobs, from full time employed to contracting job. Now, even though we are better off financially she doesn’t have enough records to easily gain a mortgage which now leaves us with a dilemma. Now we are looking at getting a joint mortgage but this also seems to be difficult when she has only been ‘self-employed’ for 3 months. My salary alone won’t get us the full mortgage we need but it also seems very difficult to find anyone who will accept her income in the application. For buyers we are actually in a very good position but need some advice as to where we might find a suitable mortgage. Our current position is this:
• Applicant One – Full time employed, Salary £35k, 10% bonus
• Applicant Two – Self employed contractor, £420 a day, current contract runs until mid Feb 2014 (6 months from August) but is very likely this will be extended a further 6 months
• Property value - £250k
• Deposit – Currently 20% (£50k) but could be as much as 25% (£62500)
• No dependencies
• Low debt

Can anyone point me in the direction where they think we might be able to obtain a mortgage, we have an appointment with Halifax in a few weeks but other lenders as saying we might struggle.

Any suggestions?

Thrugelmir

Reserved or exchanged contracts? There is a fundamental difference. Have you paid a 10% deposit.