Halifax 95% mortgage

Lana1234

Hi
Can anybody advise?
I’m self employed with one years accounts. I earn approx 20k freelancing and about 10k through agencies (I understand this agency work won’t be considered in affordability assessments)
My husband earns 23k with his perm job.
We moved in with in-laws to save so don’t have many outgoings such as food, rent etc. But our DDs amount to about 650. That’s things like our PCP car, phone bills, gym, pet insurance etc etc
I’ve checked our credit reports with the 3 credit scorers and I can’t find anything negative on them at all. (Which is weird because I’m sure we’ve had late payments in the past). I have no debt in my name and my husband will only have the car by the time we come to buy (hopefully by December)

Anyway, we want to buy a house approx 180k-190 With a 7% deposit. We could possibly push to 10%.

We are still saving up and my MA has said we could have a look at a Halifax mortgage with me only have 1 years accounts but he said it’s possible that they will want 15% if they accept us.

Does anybody know the likelihood of a 95% mortgage with one years accounts. I know they do them, I just want to hear others experiences and see if they’re common?

Thanks in advance

LRmortgage

At 95% LTV it’s extremely unlikely with only 1 years accounts.

jaelato1

I know a someone that got 95% mortgage with Natwest, he had a part time permanent job and worked for agency as second job and he got his mortgage, Halifax was his second choice. so nothing wrong in trying or calling Halifax to verify their criteria

cindy7u

well it seems possible. call halifax to find out if its possible. that should be easier

LRmortgage

It is outside of Halifax criteria, they usually require minimum 2 years trading but on occasion will consider an exception.

However at 95% LTV and relatively low income I think it’s unlikely.

This is one for your Broker to be speaking to his Halifax contacts about before making an application.

Lana1234

I have done. They said they offer 95% with one years accounts. But I wanted to hear someone’s experience and find out people’s reasons for theirs being declined.

Lana1234

Thanks LRmortgage. Do you happen to know on what kind of occasions they would make an exception?

LRmortgage

Lower LTV and higher income that looks sustainable and previous track record.

We just did one at around 70% LTV, over 100k profit in first trading year and the chap had been in his industry for 15 years but in another country so we could show track record.