Self Employed Mortgage - Already A Home Owner

Fozz01

Hi All,

Me and the family have recently moved back to the UK after being overseas in Australia for the past 5 years.

We have maintained our home in the UK and have an existing mortgage on it. However, since being away our family has grown and we have out grown our UK house and must move to a bigger home sooner, rather than later.

The thing is on my return I have started my own consultancy business. The business is doing well but is only 3 months old so trading history is limited.

We have equity on our current house and some savings that would mean if we put all this into a new property we should have approximately 70%-75% deposit.

Does anyone know if there are any lenders out there that would lend on the basis of the above (i.e. with such short trading history).

BJV

Lots of mortgage companies will be more than happy. They may want a lot more information but with that sort of deposit it would be a safe bet for them. I would speak to a mortgage specialist.

kingstreet

If "normally" self-employed, you'll need a year's trading record.

If you are a contractor with a fixed hourly/daily rate, you will probably have options now.

ACG

I am doing a mortgage at the minute for a couple who recently came back from the middle east after 5 years out there. Self employed for 3 months after buying an existing business.

It was very difficult to find any lender to look at it. I have found one lender who is currently taking a look at everything before deciding whether we can submit the full application. Rate wise, it will be around 7% until he has one years accounts then we can probably halve the rate.

csgohan4

ACG wrote: »

I am doing a mortgage at the minute for a couple who recently came back from the middle east after 5 years out there. Self employed for 3 months after buying an existing business.

It was very difficult to find any lender to look at it. I have found one lender who is currently taking a look at everything before deciding whether we can submit the full application. Rate wise, it will be around 7% until he has one years accounts then we can probably halve the rate.

7% ouch, that's eye watering

fewcloudy

csgohan4 wrote: »

7% ouch, that's eye watering

Yeah? That's about half of what the interest rate was on my first mortgage in the early 90's...

ACG

The first person I went to see after becoming a mortgage broker was paying 6% with Halifax. That was about 5 years ago, so not a million miles off and that was with a high street lender.

csgohan4

ACG wrote: »

The first person I went to see after becoming a mortgage broker was paying 6% with Halifax. That was about 5 years ago, so not a million miles off and that was with a high street lender.

is 7% your highest you have had a client on?

wymondham

csgohan4 wrote: »

7% ouch, that's eye watering

made me chuckle.... I remember when this was the norm (and higher!)

ACG

csgohan4 wrote: »

is 7% your highest you have had a client on?

If it goes ahead it will be.
Highest so far is 6.09%.

amnblog

A 7% mortgage to secure a property now when prices are rising 5% p.a. is a smart deal.