self employed mortgage help please...large deposit , low income.

justwondering25

Hi , I have a property that I am going to sell next year should net me around 120k after fees etc , I have no mortgage currently my property is fully paid for some years ago.

I am getting married , but both have smallish incomes , I am self employed , my soon to be wife is in full time employment .

I would say together we earn around 25 - 30 k.

I have been self employed for around 3 years , I sell on eBay , I use paypal as my business account , as that is where I sell and draw down the funds once a month...basically a wage.

I have 3 years returns.

My first mortgage as mentioned now fully paid , was a self cert mortgage , I know things have changed.

But what will a mortgage company want to see from me to prove my income ?

We would ideally like a 80 - 90k mortgage , with a 120 k deposit , so we have around a 60 % deposit...which i imagine is a benefit and a plus point....neither of us have a bad credit history and neither of us have any outstanding loans .....

Any advice welcomed

amnblog

Advice?


Don't go direct to a lender with this one - use a broker.


Have 3 years SA302s and tax summaries available

cns06

I am just going through a similar process. Its not easy.
We have been waiting almost a week just for our DIP.
Even though we are within the affordability and have a reasonable deposit they are just requesting so much information. I am using a broker. At the end of this his profit must be about 20p.
Best of luck!

justwondering25

Hi , I hope you will not mind me asking , I like to be prepared , what kind of hoops are they asking you to jump through ?

As I can only imagine , I will face similar ones.

Thank you for the broker tip I guess they are more flexible and have lots of products at hand that might suit

TY:beer:

cns06

I would say, for our case, getting the DIP was basically the same as a full application for a normal PAYE person. We got there in the end but it took a week. So get your bank statements and accounts ready. I also needed a couple of letters from accountant for various things so word him / her up well before. Get your SA302s well in advance too.

justwondering25

Thank you , words of wisdom and past experiences are often the best tool , I shall look into this further