moving town! mortgage, arrrgh..

lincsboy_2

Hi all. Hoping some one can help, We are wanting to sell our house and move on. When sold we will have a deposit for our new house of around 70k. My wife hasn't worked since 2008 im self employed, were hopefully looking at buying a house in the region of 150k. Problem is im a low earner. last three years ive averaged 1st year £3800 2nd year £4500 and latest £8000 NET and can supply sa302s. I know our overall income is very low but its getting better.. We have two children and receive tax credit and child support with my latest net profit, it works out around 15k per annum total. Our credit scores are very good we have no debt etc etc..


Will we be accepted for a mortgage? If so will it meet the amount we require?


Thanks in advance.

Thrugelmir

To be honest no you won't. Interest rates are at abnormally low levels and aren't going to remain like this.

lincsboy_2

Ok. So will we get any mortgage offer with the figures ive submitted? Maybe an idea of what we can look for?


We went to an appointment with the Halifax today about it, straightaway she said she would need the sa302s going back three years so no point submitting application till then. I did give her a brief description of our income in which she said it would go on gross not net.? she told us in person she couldn,t see a problem with getting that sort of figure aslong as she had th sa302s

amnblog

You made your first mistake by going direct to a Lender.

What made you think Halifax is the best option for your circumstances?

Get yourself some whole of market advice from a broker.

It sounds like you will need that latest SA302 which I assume is 2013-2014.

You will also need to have your tax credits award letter available.

Bear in mind that the tax credit letter has to reflect the correct current self employed income or the lender wont like it.

lincsboy_2

amnblog wrote: »

You made your first mistake by going direct to a Lender.

What made you think Halifax is the best option for your circumstances?

Get yourself some whole of market advice from a broker.

It sounds like you will need that latest SA302 which I assume is 2013-2014.

You will also need to have your tax credits award letter available.

Bear in mind that the tax credit letter has to reflect the correct current self employed income or the lender wont like it.

Hi reason I went to Halifax was because they are our current lender. We never went through process because I didn't have the SA302s.


What will we be offered if anything with our income? and around 70 k deposit.

amnblog

Get yourself some whole of market advice from a broker.

lincsboy_2

Ok thankyou.

ACG

I think this will be VERY tight.

Get this years accounts done showing £15k. Speak to a broker who will look at lenders who go off latest years figures. That gives you the potential for £60-70k (although kids/wife will reduce that), but you then have tax credits to bump it up so it could be possible to get this though - although there is not a lot of room for manouvre.

I think some creativity will be needed and this is what a good broker charges for.

lincsboy_2

ACG wrote: »

I think this will be VERY tight.

Get this years accounts done showing £15k. Speak to a broker who will look at lenders who go off latest years figures. That gives you the potential for £60-70k (although kids/wife will reduce that), but you then have tax credits to bump it up so it could be possible to get this though - although there is not a lot of room for manouvre.

I think some creativity will be needed and this is what a good broker charges for.

Thanks ACG Im going to meet a guy I know (broker) today at 3pm fingers crossed.

lincsboy_2

Been to see broker, Halifax by doing his sums works out they could give us around 18k. At the other end of the scale RBS is a tad short of 48k. He says wait for the SB02s and apply then.