Self-employed FTB - going it alone for a Mortgage?! :O

LittleLu33

I've been scouring this site lately as i've been getting myself into a right old panic. I'd love some support and advice please!

Wondering if any self-employed first time buyers managed to go direct to a bank and get a mortgage sorted without a broker?

We had so many troubles with our free broker and the lender they suggested, it is nearly a month since the offer was accepted and the application was still not off the ground. We decided to take matters into our own hands organise a meeting with a bank, we may even apply same day if we like what they offer us. Other half is fully employed, but I'm the tricky one...

Am I crazy and we're just going to get declined outright, looking for an 80% LTV mortgage 2 yr fixed, about 2.3x our combine monthly income. No negative credit history. Got 2+ years accounts of increasing income per annum, but erratic monthly income.

I'm starting to worry going without a broker is too much of a risky move for self-employed...

Thanks for your help - sorry the waffle isn't edible

thermal2844

Try Halifax? We just went through them and passed with flying colours. Our situation is basically identical to yours but slightly worse, so if we passed, no reason why you wouldn't. We have higher LTV than you (90%), plus I'm starting a new job and they accepted my employment on just my contract. Your OH is already fully employed so no issues there. And as for my OH, she is self-employed with 2 years accounts, so same as you essentially, except it's for a shorter time so again, you're better off there.

What they will want from you are two years of SA302s, plus tax year overviews. They don't care about month to month fluctuations, what they base it on is the average of the two years.

You'll both be asked where you see your income going - for example, pay raises, improvements in your self-employed income, etc, but it's just a conversation. They don't need to see any documents "proving" this.

Why not get an AIP with Halifax, and then book an in person interview? It was extremely easy, waaaay easier than you will believe. And not scary at all. Remember the internet almost always gives worst case scenarios, because the people who breeze through rarely post about it. It's like when you have a health issue and you search what it could be...it's going to say imminent death

What will happen during the interview is they'll go over your documents, look at your income info, then let you know if that's all acceptable (which if you passed their AIP and you've entered everything in accurately, it will be). If it is, they will ask if you want to proceed to the hard credit check. That will be done right in front of you, and since you have no negative credit issues (make sure to check your credit reports in advance to make sure nothing is on there that shouldn't - and ignore the scores...they mean nothing whatsoever), you should be fine. Since you have no negative credit issues, I imagine you will fair the same as us - we scored an A rating and our credit was approved then and there, no going to underwriters etc.

Anyways long story short, we are nearly indentical to you but worse, and we sailed through. Plus Halifax offer £1,000 cash back so win?

LittleLu33

Ah thank you so much for your response, it's honestly meant the world in reassurance for us! I will certainly look into Halifax.

csgohan4

Free brokers are that in service, rubbish, you should consider a broker who deals in self employed all the time. Definitively do not use EA services.


Getting a DIP does not mean confirmed offer or mortgage, only on full application will you know.


Self employed is a bit more tricky and going direct can be tricky


I got my broker from here as self employed, didn't need to go through a time wasting interview, gave them a income expenditure spreadsheet and all documents asked and offer in 2 weeks. No long phone calls, just an initial chat to see what I wanted e.t.c