Help needed

Mandie71

Myself & my partner are currently renting the house that we live in and the lady who owns the house would be very happy to sell to us privately.
The problem we have is that I only work three days a week because we have a little one, and my partner works part time (paid) and part time self employed as a teacher. As he hasn't been self employed that long he is still waiting for his tax code etc from the Inland Revenue to register him a self employed. I have found out that in order to get a mortgage they will need to see at least a years proof of income from my partner which leaves us stuck. We also do not have any deposit at all as cannot save at the moment.
Does anyone know of any options for us as it would be a real shame to miss out on this opportunity - especially when we can buy direct from the house owner....
What about these Open Market Home Buy initiatives?
I would be very grateful for any advice!
Mandie

Conrad

I'm afraid you've no chance without a deposit as the 100% lenders will want at least 2 years Accounts.

Self employed people need to save at least 10% deposit if they do not have income proof.
Prices are falling anyway, so this could be a blessing in disguise.

UK007BullDog

You need at least 5% - 10% deposit/savings, plus fees for the solicitor, surveyor, product fees, maybe even stamp duty. At least you will save on moving costs. But your main 2 problems are employment and no savings. All the 100% mortgages have been pulled but you might still get one from Natwest as I have not yet been told if they are pulled. Their group lender RBS has pulled theirs so I think Natwest will follow suit very soon.

Then there are a couple of offsets that go up to 97%.

How much is the property worth?
How much rent are you currently paying?
What is your income before tax?

Just hearing that house prices are going up again. My head is spinning!