Hi :)
I have just been reading through Martin's views on mortgage brokers thread and so based on what people have said, I'm posting my query on here.
We are planning on buying a house this year (sold ours a few years ago when we moved area and are currently renting). We are waiting until we have done DH's tax return on the 6th April so that we can include this years figures.
DH is self employed. This years figures (2012-13) will be really good, last years (2011-12) were good, the year before (2010-11) they weren't very high. This is why we are waiting until April as when we saw our bank they said they only look at the last two years to work out a figure they'd lend us. So it means that 2010-11 figures won't bring down our average. As a side note they said they only need the tax return sheet that shows the confirmed figures rather than seeing 'the' accounts. I do the accounts for DH (he's a sole trader) so they aren't audited by an accountant, thought I'd mention that just in case it might make a difference.
I work full time ish (term time - TA in a school) and have the relevant pay slips etc.
Our deposit will be around 11.5% (based on around a £170k purchase price).
We don't have any current debts, and have a good credit rating. Borrowed money in the past but paid everything back at the proper time etc. We use a credit card for business stuff but clear it each month etc.
We saw our bank (Barclays) last year to get an idea if they would lend us anything or just laugh at us!! Surprisingly they could offer us a half decent amount although not enough to buy anything down here, however it gave us some hope.
Of course with a deposit just over 10% we are only eligible for their fixed rate deals which means that we probably wouldn't be able to 'afford' to pay for the amount we could borrow/would need to borrow to buy a house. If however we had a deal on a lower rate it would be more affordable on a monthly basis.
Anyway, I'm beginning to ramble. Normally I'm a sensible savvy person but with this mortgage I'm a little scared and know I'd take any offer thrown at me so that we could get a house again. However, just going with Barclays because it's relatively safe that they will lend to us is daft if we could get a better mortgage deal somewhere else.
So given the above information.
1. Assuming that it's worth seeing a mortgage broker, would either a whole market/independent brokers be able to help us as our main income is from Self employed work? Would one be more suitable than the other, or would it make no difference?
2. What type of self employed income evidence will a broker most likely want to see?
3. Are we likely to pay more/higher fees because of the s/e element?
4. Our bank statements are online but I figure they will be okay with printed copies? We have lots of 'pots' that are linked to our current account as I like to move money around and split it in to the pots (petrol, shopping etc). However, I have recently been leaving everything in the main current account as I thought that would probably look better to anyone looking at our bank statements. Barclays of course would be able to see the full picture but I realise no one else would be! :o
I hope that makes sense and that there's enough information for someone to give us some advice. ;) I'm still not feeling that well so apologies in advance if it's utter gibberish!! :D
Thanks in advance your help. :lovethoug
I have just been reading through Martin's views on mortgage brokers thread and so based on what people have said, I'm posting my query on here.
We are planning on buying a house this year (sold ours a few years ago when we moved area and are currently renting). We are waiting until we have done DH's tax return on the 6th April so that we can include this years figures.
DH is self employed. This years figures (2012-13) will be really good, last years (2011-12) were good, the year before (2010-11) they weren't very high. This is why we are waiting until April as when we saw our bank they said they only look at the last two years to work out a figure they'd lend us. So it means that 2010-11 figures won't bring down our average. As a side note they said they only need the tax return sheet that shows the confirmed figures rather than seeing 'the' accounts. I do the accounts for DH (he's a sole trader) so they aren't audited by an accountant, thought I'd mention that just in case it might make a difference.
I work full time ish (term time - TA in a school) and have the relevant pay slips etc.
Our deposit will be around 11.5% (based on around a £170k purchase price).
We don't have any current debts, and have a good credit rating. Borrowed money in the past but paid everything back at the proper time etc. We use a credit card for business stuff but clear it each month etc.
We saw our bank (Barclays) last year to get an idea if they would lend us anything or just laugh at us!! Surprisingly they could offer us a half decent amount although not enough to buy anything down here, however it gave us some hope.
Of course with a deposit just over 10% we are only eligible for their fixed rate deals which means that we probably wouldn't be able to 'afford' to pay for the amount we could borrow/would need to borrow to buy a house. If however we had a deal on a lower rate it would be more affordable on a monthly basis.
Anyway, I'm beginning to ramble. Normally I'm a sensible savvy person but with this mortgage I'm a little scared and know I'd take any offer thrown at me so that we could get a house again. However, just going with Barclays because it's relatively safe that they will lend to us is daft if we could get a better mortgage deal somewhere else.
So given the above information.
1. Assuming that it's worth seeing a mortgage broker, would either a whole market/independent brokers be able to help us as our main income is from Self employed work? Would one be more suitable than the other, or would it make no difference?
2. What type of self employed income evidence will a broker most likely want to see?
3. Are we likely to pay more/higher fees because of the s/e element?
4. Our bank statements are online but I figure they will be okay with printed copies? We have lots of 'pots' that are linked to our current account as I like to move money around and split it in to the pots (petrol, shopping etc). However, I have recently been leaving everything in the main current account as I thought that would probably look better to anyone looking at our bank statements. Barclays of course would be able to see the full picture but I realise no one else would be! :o
I hope that makes sense and that there's enough information for someone to give us some advice. ;) I'm still not feeling that well so apologies in advance if it's utter gibberish!! :D
Thanks in advance your help. :lovethoug