First Time Buyers Mortgage

jake_4321

Hello,

Myself and my partner are looking to apply for our first mortgage however I want know others experience when trying to apply for a first mortgage being self employed.

I am a director of a limited company which has been running approx 4 years with full accounts with company profits of over £100k - Paying approx £45,000 in wages / dividends.

My partner is a sole trader who has been running approx 18 months so has full accounts for the 18 months, with a wage of £45,000 also.

The property we are looking to purchase is a total of £550,000.

We are looking to apply for a mortgage of approx £380,000.

Do you think we will struggle both being self employed?

Thanks

Cscott139

You will need both incomes and there are a few that will go of 1 years accounts which will probably be needed due to your partners situation.


Speak to a broker who will be able to look into this.

ACG

You will probably need a broker for this.
There is a possibility of normal rates, but options will be slim. The biggest issue is 18 months trading for your partner, had it been 2 years then you would have quite a few more options.

If normal rates are not available, there are other lenders who I am sure would do it but their rates will be more.