moving house and being self employed

clairelindy

so we have our house on the market we have dropped from 118k to 112k to sell fast as we need a bigger house , BUT today when i rang up the mortgage people ( halifax) i was told they cant give us a new mortgage as my husband has only been self employed for 10 months is there a mortgage company that will give mortgages to people who are self employed with only 10 months worth of books

we need to move so we have more space

any advice about who to go to would be great

Cheeky_Monkey

AFAIK, most lenders will want at least 2 years' worth of accounts.

Would it be possible for you to stay where you are and extend?

clairelindy

thank you for getting back to me,

i love the area and if we could extended we would but we cant we live in a terraced house with a small garden so no room to unfortunately
Halifax have now said we might only have to give 18 months books but thats a 'might' we have found the house we want to move to we have the deposit we need to borrow less then our mortgage now so we know we can afford it , its so frustrating as we are so desperate to move we are living on top of each other and with a baby it makes it so much harder

HouseBuyer77

This is where a mortgage broker can come in handy. They will know the lenders' criteria well and know how to best present yourself to get acceptance.

clairelindy

thank you i will ring and make a appointment this is the first house we will be selling and still very new to this if we would have know this my husband wouldn't have taken the leap and gone self employed lucky it worked out better for him money wise

Malmo

What LTV% do you need?

Your options, if any, will be very restricted if you have less than 1 years accounts and you need more than 85% LTV.

Consult a good whole of market broker.

clairelindy

the house we want to buy will be 100k we have 20k saved up plus what we make on our house which will be around 11k ( if we sell at asking price)