First Time Buyer

BlueJ94

Hello!

Just looking for a bit of advice, myself and my partner are looking into buying our first house within the next 2 or 3 years. We're going to have to have a mortgage, I was wondering if there's any schemes that can help with first time buyers? we do not want a new build! I'm currently paying off all debts and should be debt free by July next year :T So looking for a house is encouraging me to pay of debts quicker! My other half is self employed and i've heard stories about how self employed people can't easily get a mortgage is this true?

Any help and advice would be appreciated! :j

butterflybook

Self Employed is not an issue as long as the income can be substantiated via Accounts or self Assessment Returns - Lenders will usually want the last 2 years and some average this depending on the figures

ACG

The Help to Buy ISA would help boost your deposit.

In terms of self employed, it will not be a problem but lenders will typically average out the last 2 years income figures when assessing affordability so if there has been a big jump in income you want to use, you may find yoru choice of lenders limited.

cjv

If you and/or your partner are under 40 and first time buyers a Lifetime ISA can help to boost your savings.

It is not suitable for everyone so make sure you have a good read up on it:

https://www.moneysavingexpert.com/savings/lifetime-isas/

BlueJ94

Thank you all for your replies! Will have a look into different isa's