Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

1st time buyers-partner soon to be self-employed

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 1st time buyers-partner soon to be self-employed

    My partner and I are looking to buy our first home. However he is looking at leaving work in approx 1-2 months and becoming self-employed. We have been advised that with that in mind if we get a fixed rate mortgage we should get it fixed for between 3-5 years rather than only 2 yrs. Any advice on this? Based on my income alone we are not going to get very favourable rates! Any advice appreciated-completely new to us this mortgage minefield!

  • #2
    Re: 1st time buyers-partner soon to be self-employed

    I can't see how having a longer fixed rate term is somehow beneficial? Surely if you're expecting your partner to become self-employed, then having as much flexibility in your mortgage would be better, ie, shorter term?

    Comment


    • #3
      Re: 1st time buyers-partner soon to be self-employed

      Hi Kezat

      Regardless of your intentions for the type of residential mortgage, be very careful about your future ability to get a mortgage if your partner is about to go self-employed. Mortgage lenders want to see proof of a steady income from a business for as long a period as up to 2 years depending on the lender!

      Dan
      Free Guides For First Time Buyers!

      www.FirstTimeBuyerGuru.com

      Comment

      Working...
      X