self employed and mortgage

maxpa

Hi


I am a self employed childminder and have a joint mortgage. I have only been working in this role since july 2013, so not even a year yet.


my husband is full time employed.
we have a current mortgage but want to move to a bigger property.
any advice on how to get a new mortgage with my earnings as self employed. our mortgage broer (independent) didn't seem to sure if we could without a years books.


we can definitely afford it. really frustrated by this. any advice would be great. tia

Keekles

Some lenders will consider a year's SA302s / accounts, others will want 2-3 years. Are you dependent on your income on top of your husband's to borrow the additional?

It's unlikely you'll find a lender with less than a year's supported accounts, however if there is a chance I'm sure one of the more experienced brokers on here will be in the know.

amnblog

This is not going to happen until you have completed a years trading, so relax and wait.

[Be prepared to possibly wait two years because changes in regulation due next month may well make the one year's trading mortgages very difficult to obtain]

maxpa

ok thanks, thought it might be the case.

we have £10k deposit. £5k equity in our current house and both work. And yes, we will need the two incomes to be able to get a mortgage.

would we be better off selling ours and renting? maybe until the time we can use my income or wait where we are- so frustrated, by it all. as we could afford it.

thanks for all your replies.