Self employed mortgage - where to begin...

trakky14

You need a broker, 100%.

Susieee

Thanks everyone. I've filled in my details on the Habito website and they have said my partners income won't count and that 10% is the minimum I have to put down.

Will sort out a deal I can look at by end of the day.

kingstreet

Has your partner been working in the same line of work for two years or more?

Susieee

kingstreet said:

Has your partner been working in the same line of work for two years or more?

No, she started work 31.01.2022 but didn't work for the previous 4 years due to being at home looking after our child.

trakky14

If you are self employed they usually need 2 or 3 years of accounts to be accepted. This is why you need a broker to help you. Good luck. 

Susieee

Thanks everyone for all your help. I am waiting on Habito to get back to me with a deal (they actually found me one for 5% which took into account my partners income, then he told me that he can't use that and I need 10% now). I have also contacted Unbiased and waiting for them to call tomorrow.

iamneallyons

simon_or said:

OP, another vote for using a broker. It's pointless tying yourself in knots trying to find out the best bank for your situation. 

A good one is worth their weight in gold, at least mine is.

I've a mix of self employed (director), p/t employed and rental income, stoozing in the background plus a complicated credit history and my broker gets me what I need every time with minimal stress.

No fees either as they're a small independent with very low overheads and rely on word of mouth, no advertising.

Given your very healthy profits and three years trading, I suspect you may not even need the second income for the 200k you're looking to borrow.

How complicated is your credit history?

Me an the Mrs are mad to get our own mortgage but due to !!!!!! credit history it's impossible.

[Deleted User]

How come you made an offer on a house for 255k ,without knowing what you can get or having an agreement in principle? 

Susieee

Deleted_User said:

How come you made an offer on a house for 255k ,without knowing what you can get or having an agreement in principle? 

Actually the offer was made without complete year end accounts for 21/22 and even 20/21. We were actually looking to buy in the summer (July/August) but saw a house we liked. We have access to an extra £200K cash so are pretty certain the purchase will go ahead but have no idea on time frames. The seller was happy to proceed knowing all of this.

simon_or

Susieee said:

Deleted_User said:

How come you made an offer on a house for 255k ,without knowing what you can get or having an agreement in principle? 

Actually the offer was made without complete year end accounts for 21/22 and even 20/21. We were actually looking to buy in the summer (July/August) but saw a house we liked. We have access to an extra £200K cash so are pretty certain the purchase will go ahead but have no idea on time frames. The seller was happy to proceed knowing all of this.

I know it's too late now, but always best to speak to a broker and do an AIP before making a offer.

That way you would have known about the 2021 CCJ much earlier.

https://forums.moneysavingexpert.com/discussion/6368797/ccj-in-wrong-name#latest

I hope you're able to sort out the CCJ issue! 🤞

Failing that, you may have to go for an adverse mortgage. Ask your broker to look at all potential options.