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

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  • 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?


    • #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!

      Free Guides For First Time Buyers!