Mortgage ideas for self employed low income but high deposit?

Gabby1234

Hi - so confused with the changes to mortgage rules since we last moved (we self certified) and wondered if anyone could help. We are looking to move to house that's 580k with a mortgage of 160k/deposit £420k (LTV 28%). We were hoping to port our current mortgage (which is £160k on a £480k house) but have been told we need to go through full affordability checks which on paper we will fail as we are self employed. Does anyone know any good mortgage providers who work with people in our situation? Really want to move but feel like we are trapped in our current home due to the mortgage rules despite having a good chunk of money to deposit

Caz3121

having a large deposit gives you a low LTV which will give access to good rates buy you will still need to satisfy the affordability for the mortgage
Probably best to go through a broker to get a feel of what mortgage size is possible based on your self employed income

betmunch

You need to be assessed for your income like everyone else.

What's your last 3 years net profit look like (or salary plus dividends if you're a limited company)

kingstreet

Gabby1234 wrote: »

We were hoping to port our current mortgage but have been told we need to go through full affordability checks

Yes. You port only the rate.

You need to be able to justify the new mortgage to be able to port the rate to it. Porting does not guarantee the lender will lend to you again, the same amount or even less...