Mortgage & being self employed

[bella_nails]

Hi All,

I hope ive put this in the right place. Just wondering how all you S/E geeks have found it being S/E and sorting out mortgages? is it hard because of being S/E?

Thanks x

 

[Ellies Nails]

hi Caz,
my hubby is self employed we went for a mortgage last year and his own bank would not help as he didn't have 2 years tax returns only 18months.
We got there in the end but not with our bank so its not imposable there are company's out there you just need to shop around.

 

[*Garfield*]

Its harder now than it was last year although it is possible to get 'self cert' mortgages still...(you don't have to prove your income) however, you usually pay far higher interest rates as you are more of a risk in the lenders eyes, and its uaully only 80% LTV so you need a hefty deposit or lots of equity. A lot of lenders will not accept tax returns as proof of income and insist on 2-3 years full accounts so it's probably best to speak to a broker or a FA and they will be able to tell you which lenders are best.

 

[Marley's Ghost]

Heya

I find that as long as you are prepared with good accounts and projections that it was not too bad. It is not a great time to try and get one right now - the market generally, but it should still be possible...the key is in the preparation

 

[Blue Rose]

I re-mortgaged earlier this year after splitting up from hubbie.

I went to a mortgage broker, one who looks at the whole of the market. I managed to get a self-cert mortgage quite easily. Because of the equity in my home, my interest rate was quite good.

There should be some mortgage brokers near you to help point you in the right direction.

 

[bella_nails]

The thing is myself and my partner currently have a mortgage, this was before we had our son and i left my job in telecomms admin. Im now pondering on wheather to go S/E (which is another story...do i go S/E or be employed) and if i do will we find it harder say next year when we sell up and move??

my head is all mumbled and jumbled big style at the mo. x

 

[Ruth Mills]

I can't speak from a beauty perspective, but I am self-employed in IT. I remortgaged in May last year (a couple of months before the scheisse hit the fan with Northern Rock and friends); got a 90% mortgage at a good fixed rate. I did have a couple of years of audited accounts which showed that my company was making a good profit though. That was with my bank as well, rather than a specialist broker.