Mortage advise

[ScottFitzgerald]

Help needed

Me and my partner are looking to move, however, she is rececntly self employed and has been told she needs 2 and a half yeears before her salary can bet taken into account.

She currently has a mortgage and equity of about £50k which we will use as deposit for next house, however, my credit score is inly 180 ! will this stop us even thou we have a £50k depoist based on a house price of £135K ?

Regards

[boxtops]

You'll need to take advice from a number of mortgage lenders, if they will be prepared to take the risk. IMO it might be worth staying put, until she has more years self-employment, or you can improve your score. (Btw I don't understand your score, where did you get it?)

[ScottFitzgerald]

the score from Equifax this translate to the v bad credit score

[boxtops]

Ah OK, I've not used Equifax personally.

[bednobs]

i think you can only speak to mortgage lenders and ask. Who told her about the 2.5 years?

[Nosha123]

shame she changed her job statues before moving ... but 2.5yrs seems odd... an accountant will do accounts in periods of 12 months... not half years....
I can understand a mortgage lender wanting to see 3 years accounts for someone who is self empolyed - and depending on her income now.. they may be loathe to lend if she works in a volatile industry and her income isnt guaranteed...