Mortgage for self-employed?

mumma2one

Hello,

My husband and I are looking into buying a 40% share in a house through a shared ownership scheme.

The 40% share is £72,000.

My husband is employed and earns £13,000 a year.
I am self-employed and earn approx £11,000 a year.

We can get a 10% deposit together (£7200).

I have NO idea where to start, are there any specific mortgage providers that specialise with self-employed people? Whenever I try and find out with them, for example Barclays, it says I need 3 years worth of accounts but I haven't been self-employed for 3 years yet!!

Its all SO confusing.

Thanks in advance.

herbiesjp

How long have you been self employed for?

How many years accounts do you have?

mumma2one

I have been self-employed for 4 months and have 4 months worth of accounts.

I am a childminder and have a set monthly income from the children I care for so it isn't like I sell things and it would vary month to month and year to year. The only way it would differ or I lose income would be if a child left, which I hope isn't likely. I suppose that isn't really enough proof is it?

Moggett

Not all lenders will lend on shared equity properties and another problem is your limited time being self employed. Although you have 4 months of accounts, I assume that these will have been prepared by yourself or a book keeper and will not be in the format required by lenders. It sounds like you may have to go self cert in which case i would suggest you take professional advice from a non fee charging whole of market broker. They should be able to place the loan for you but due to going self cert the rate won't be brilliant.
Platform or Preferred spring to mind but you may have to have a 6 months self employed track record.

nicola8776

mumma2one wrote: »

I have been self-employed for 4 months and have 4 months worth of accounts.

I am a childminder and have a set monthly income from the children I care for so it isn't like I sell things and it would vary month to month and year to year. The only way it would differ or I lose income would be if a child left, which I hope isn't likely. I suppose that isn't really enough proof is it?

I had real probs when i was childminding changing our morgage because say for example £11k is what i "earnt" over the year a huge preportion of that is considered expenses and is then not income the tax man allows a proportion off for use of home, car, food etc etc etc and so the ammount you earn on paper could be half of the figure you actually earn and that was the figure they want for morgages.
it was over a year ago though so things may haev changed.

Nicola