Self-employed couple with 1 year’s accounts get mortgage on first home

Self-employed couple with 1 year’s accounts get mortgage on first home

08.08.17 | Written by: Erin Gallacher

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:

 

Property value: £400,000

Loan amount: £360,000

LTV: 90%

Rate: 2.25% 2 year fixed

Term: 25 years capital and interest

Lender arrangement fee: £999 added to loan

Mortgage payment: £1,242 pcm

Consultant: Erin Gallacher, 01625 416392   

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.