Search
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.

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back