To ask if anyone here is knowledgeable about mortgage criteria / mortgage broker

[MortgageHelpPlease]

Me and H are looking to buy our first home in beginning months of the new year.

H is self employed and his business does well. He is in desperate need of someone else to help at the business and I am absolutely loathing my job at the moment.

We really want me to go and work with him but not sure how this would fare from a mortgage stand point. I'd be an employee of the business, not self employed but we'd have 'all our eggs in one basket' so to speak.

We don't have concerns but I know lenders are very risk conscious.

What do you think?

I’d hold off jumping ship til after you’ve got your mortgage secured.

As a self employed you’ll be asked for three years worth of tax overviews/calculations each.

As a self employed you’ll be asked for three years worth of tax overviews/calculations each

But I wouldn't be self employed so w H would employ me. He has other employees and I'd just be the same as them, on a contract, set salary etc...

Sorry posted too soon. * I wouldn't be self employed so I wouldn't have books to produce? Just wage slips like normal.

I'd hold off and get your mortgage before changing jobs and consider a five year fixed term so that you don't have this worry again in only the next two years.

I recently remortgaged to get a better deal, I've had a mortgage since 2001, never missed a payment, have a good job and not much debt and the bloody hoops I had to jump through and stupid questions I had to answer were beyond ridiculous. Just the application over the phone took three hours.

Honestly, I would hold fire on job change. The way they will see it, is if your H's business went bust, you'd both be out of work. Like you say you could be deemed as more of a risk to the banks and, therefore, less likely to get a good deal, or get any deal at all.

Also some lenders don't like applicants to be in new jobs, due to probation periods and less / no rights under employment law in the first two years.

Yes, as PP says; get the mortgage and some income protection insurance, then move to work for him. A long-term fixed rate deal is sensible at the moment anyway, rates won't be going down!

I'd hang fire for now if I were you and move over once you've got a mortgage, seeing as it's not too long (6 months ish? to wait. You're right that it will make things a bit more complicated - although perhaps a chat with a mortgage broker would be helpful as I don't work with the criteria side of things!

Thank you, I thought so. It's just going to be a bit of a struggle for us both waiting, especially H who really needs the help but we will make it work for now.

I’m a recently ex-mortgage adviser for high street lender. Newly working for your husbands business could be problematic. It’s likely you’ll be classed as self employed-and therefore need 3 years proof of income. This is because some people think that they’ll just say they are employed to get a mortgage-issue payslips for a couple of months-and then go back to being a director of the business. I personally have had this a couple of times with applicants. Neither time did we end up approving the loan. Had you been working for the business for a while with a history of stable income (bank statements) and confirmation from your accountant that you are employed, it wouldn’t be so much of an issue.
I would also wait to make the change until after you have bought your home.

Sorry. The lender will ask for three months payslips, and if a new job many won’t lend until you are out of your probationary period.

I realise this is your husbands company but if he were to buck the rules in probationary period etc for you, it could be looked at as obtaining the mortgage by false representation.

Thank you, it's what we thought to be honest but wanted to check.

In terms of the probationary period, it's 3 months so I would technically be out of it by that time anyway. I don't actually have any intention of being a director etc... But I know that's hard to prove!

But yes I think we'll definitely be better off waiting!