Self-employed couple with 1 year’s accounts get mortgage on first home
We were approached by a newly married couple looking to purchase their first home. The wife is a self-employed beautician and the husband a self-employed gas engineer.
They were looking to purchase a three-bed terraced house in Cheshire. Between them, the couple had managed to save £50k but were hoping to use £40k as the deposit and hold back £10k for home improvements.
In particular, they asked us to find a lender which would consider just their most recent years’ accounts when calculating their maximum loan amount, as this period had been much more profitable.
We took the case to a specialist lender and discussed the situation with the underwriter. Happy that both husband and wife were a good risk, the following terms were offered: