Could I get a Mortgage?

Legacy_user

Hi,

My situation:

1. I have a fairly decent chunk of savings (£50k) which would be used as a deposit.

2. I am considering purchasing a New Build to take advantage of the 20% government loan towards a deposit. This would obviously take my deposit to an even higher amount. My deposit + the 20% from the Help To Buy scheme.

3. I have a strong guarantor at the ready.

4. I would be looking to buy all by my lone self.

but to the main 2 points in relation to my question........

5. I have a 'temp' job which I have had for 2 years and it has been constant work. I am flexible in the hours I can do, but have always worked a pretty consistent amount of hours earning approx £800 per month.

6. I am also self-employed and this is where I make the most of my monthly income (£2000)..........



My concerns are: I have only been self-employed for 1 year.....would this be an issue to a Mortgage lender? From research they seem to ask for 2 years, maybe 3. But I'm just wondering that as I also have a 2nd job in which consistent income is also coming in - then maybe the lender would be more accepting of just 1 year proof of accounts?

Anyone think a lender may be accepting of this?

if so......then how much detail do they need when they check your business accounts? Do they want to see everything?....all your receipts, all your statements month by month, etc etc.....or are they just after a copy of how much you declared to have earned to the Taxman / how much you paid in tax to prove what income you made from that year?

Thanks for your help.

steve2005

I can answer part of this for you - my wife was unable to get a mortgage by herself unless she provided 2 years of self assessment forms.

Malmo

You'll get more visibility of your post over in the Mortgages & Endowments board, where the contributing brokers will be able to provide some guidance.

The SA032 self assessment tax calculation form provided by HMRC (based on your tax returns) is the generally accepted standard proof of self employed taxable earnings / income, so you would need this and a good broker to place your case with the right lender. Your options will be quite restricted with one year's trading however and likely to need a higher deposit than for 2 or 3 years trading. The brokers will point you in the right direction.