First time buyers - self employed - Help?

csgohan4

Emmazom wrote: »

Advice on what to do to get me ready to buy would be more helpful than a blunt statement. I posted here for advice, I'm not a mortgage broker or a bank and a first time buyer so please forgive me for not knowing wether we would pass the banks checks or not.

There is no way round it I'm afraid You need to wait for your self assessment in April and then another 10 working days to get the SA302 from HMRC via their help lines.


There's no point in viewing when you don't have the means to get a mortgage, it will only end in tears.

csgohan4

Emmazom wrote: »

I understand, still frustrating however. I think our best option then is to either not put any offers in until April or if we do find something we don't want to miss then we have the option of getting a mortgage with my father and then remortgaging later down the line.

Thanks Everyone

Does your father earn? how old is he? his age may be hindering factor.


Don't rush to buy

csgohan4

Emmazom wrote: »

I was considering that but I wasn't sure if it was completely barmy to think they'd consider it. They haven't found a home yet but do have somewhere to go if they sell and have only had one offer since December.

We're going for a viewing Thursday so I think we'll explain the situation to them then. Thanks

I wouldn't give too much info to them, just mention you are waiting for your accounts ending April for your company/ sole trader.


If the vendor gets hint you can only just afford the property with a risk of rejection, a simply no will go your way.

Emmazom

My father is 52 this year, we have discussed this with the broker and he did inform us that we would have to take an 18 year term, we could still afford the monthly payments, and my father earns in excess of £40,000 a year.

Having spoken to 3 brokers I'm sure that come April we wouldn't be rejected and we're already considering putting down a 15% or 20% deposit to increase our chances. I'm not going to give them a full breakdown of my accounts (the seller) just simply explain the situation to them in order to be polite.