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Help to buy mortgages?

(3 Posts)
lisaneedsarest Wed 18-May-16 10:22:12

Anyone have any experience with these? We're currently in rented but are about to be served notice. Our plan was to buy in the next two years once we have saved a deposit and have a better credit rating. We've started our own business just over a year ago which is doing really well and we've now got enough for a decent sized deposit, but obviously don't have years worth of accounts to go over. We were thinking of looking at the help to buy so that we could get a bit of extra equity from the gov scheme to lower the mortgage and increase our chances of getting one.

Do any wise mumsnetters know if this will be possible or will a mortgage lender laugh in or faces?

We currently pay in rent as much or probably more than we would on a repayment mortgage.

Julieb85 Wed 18-May-16 18:42:28

It depends on where you are and who the lender is. A friend of mine who is self employed went for a help to buy mortgage and needed 5 years worth of books before they could even start the process. She then tried a regular mortgage and found the same thing. This was in Scotland

SauvignonPlonker Thu 19-May-16 19:25:21

We were exactly the same. Saw an IFA, who informed is that the vast majority of lenders required 3 years of income, verified by an appropriately qualified accountant.

We did manage to get a mortgage with Santander with only 2 years accounts.

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