Applying for a joint mortgage with a self-employed partner

sirhughesxciv

Hi all,

Before I proceed with speaking to a mortgage broker, I was wandering if it was possible as a full time employee to apply for a joint mortgage with my self employed partner who will have only one year of accounts at the end of April. I know that banks genuinely mention two or three years, but I wasn't sure if that only applied to a self employed person applying for their own mortgage. My partner was previously at university for 3 years but during her time at university, she was on a zero hours contract.
Is it possible? If so, what banks would be best to apply with? If I could get some answers then that would be great.

kingstreet

Yes. Some lenders will accept one full year's trading. A broker would be the best starting point for this to ensure correct lender selection.

itsthelittlethings

Do you really need a broker if you just go to a good bank or building society?

MWT

itsthelittlethings said:

Do you really need a broker if you just go to a good bank or building society?

What is 'good' for you may not be for someone else, and the more complex the case the more you need a broker.

A case like this is one where using a broker would be strongly recommended to avoid disappointment.

Newbie_John

itsthelittlethings said:

Do you really need a broker if you just go to a good bank or building society?

In this case it's definitely worth it. You need to know even which bank to approach - obvs if your joint income is £200k and you want £100k mortgage then it doesn't make sense to use broker, but likely everyone wants a max possible mortgage. If you try Barclays, Nationwide, Lloyds and they all reject you because the self employed partner couldn't document 3 years income (and that's what they require) then your chances with any other lender will become slim.

We were in such situation and number of options given by the broker were amazing - including at some point even just getting any job at supermarket.. - which I never thought of that could make any difference but banks prefer £20k fully employed salary than higher for self employed person. Didn't go that way, but it was very helpful knowing that we have chances through some unconventional methods.