Mortgage for self-employed first time buyer with only 2 years’ accounts

The clients are a married couple looking to purchase their first home in North London. The husband is a self- employed electrician and the wife is a nursery teacher.

Initially, they had tried going to lenders directly but found that the husband’s trading history was too short. I was able to source a lender that was happy to accept only two years’ trading figures, particularly as in the most recent year there had been a significant uplift in earnings.

Here are the details of the deal.

Purchase price: £230,000

Loan amount: £184,000

LTV: 80%

Rate: 3.05% 3 year fixed

Terms: 25 years capital & interest repayment

Arrangement fee: £995

Consultant: Jeni Browne, 01732 471647

19th December 2014