My partner is self employed and doesn't have 2 years tax returns. Is shared ownership the best option?

Posted on 3 January 2014 by Eleanor

My partner and I have a deposit of £60,000 (half saved and half inherited) but are unable to get a mortgage to buy because he is self-employed and does not have two years of tax returns yet. We are looking at Share-to-Buy schemes and were wondering if they would allow for us to buy 25% of a property outright with our savings and just pay the rent and service charge? This looks like our only way of getting on the property ladder at the moment.

Shared ownership is a potential option, although you need to look at the individual terms and conditions of the various schemes available as they do vary for self-employed people. You'd need to contact the schemes you’re interested in directly to find out if this is a possibility.

However, this may not be your only option. Not all lenders insist on 2 years tax returns, and some still underwrite cases manually, which they can judge each one its individual merits. It is probably worth you contacting one of our mortgage experts who might be able to help. You can call them on 0344 346 3672 – please tell the consultant that you sent in a questions via Ask the Expert.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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