Mortgage when Self Employed

[Melanie89]

Hi Geeks

Looking for some advice from the self employed side or self employed and employed like myself when applying for a mortgage! I'm saving at the moment for a deposit and will hopefully be looking early next year so need to know how it all works with me being employed and self employed! What will I need to show etc? Any advice would be great from anyone who has had to go through this :lol:

 

[persianista]

I am totally self employed so did a self cert mortgage. If you are employed as well, you would need 3 months payslips and your p60. Your additional earnings can be proven by submitting your tax return (copy) to prove your further earnings.

If you self cert, as long as you have a big deposit, you will not get asked for proof of earnings.
It is worth going to a mortgage broker as opposed to a high street building society, as a broker can pick the right mortgage company for your individual circumstances.

Saying all that, the last time I took out a mortgage was 2003 when they just checked your pulse before forwarding on the money! I gather it is more difficult now. It used to be around 40% deposit for the best self certs, I think it is now 50% deposit.

 

[Curlywurly82]

i'm not too sure that they do self cert mortgages anymore. If you will be needing to take your self employed earnings into consideration then you will probably need to provide accounts.

It may be worth giving a mortgage broker a call and enquiring first?

 

[weezie]

I'm thinking back to my mortage that I started last year and from what I remember as long as you have filed tax returns as self employed they can check your income and there is no problem. I had filed for 3 years so they could check it easily. We also had quite a large deposit. The evidence from your employer will be easier as they just need a payslip. Ask your mortgage advisor. :hug:

 

[Blue Rose]

Self cert mortgages are no longer available & the mortgage companies have REALLY clamped down. If you don't show a very good profit on your accounts you may struggle to get a mortgage for what you want.

My house was recently on the market as I wanted to downsize a bit & lower my mortgage payments. I went into a local broker and was told that I would probably struggle to get another one because my profits don't show that massive an amount :irked: So, I've still got my massive mortgage as I refused to sell to then possibly have to go into rented.

It may help if you're buying with another person...

 

[kimi1101]

I spoke to a mortgage advisor last year and they said you can get a mortgage with one years accounts, however to get the best deals you need three years. I've got a mortgage that I got when I was employed but was looking to get a new fixed term, am better waiting another 18 months and having three years accounts. might prove difficult if jack and I bought somewhere together cos id have to find a hefty deposit. will be interesting but you should speak to a mortgage advisor rather than going to one bank. xx

 

[Melanie89]

I think im going to have to speak to a mortgage advisor, I will be buying with my boyfriend so we will have his income plus mine from my employment and my records for self employment, My last years accounts wont look great but hoping this year will look much better.

 

[dollimai]

I recently got a mortgage and ive been self employed for 2years but i had to have a guarantor mortgage so my dad stepped up as guarantor.

I have a higher interest rate but was only way, then after 3 years in business i can switch.

x

 

[nikkiseed]

Hi Geeks

Looking for some advice from the self employed side or self employed and employed like myself when applying for a mortgage! I'm saving at the moment for a deposit and will hopefully be looking early next year so need to know how it all works with me being employed and self employed! What will I need to show etc? Any advice would be great from anyone who has had to go through this :lol:

hi myself and my husband have recently been approved for a mortgage
using his salary also
i needed to show 2 years of my accounts from my part
they calculated it based on 3 times my profit
but averaged my profit from last two years.
hope this helps
know one mortgage company requested more proff from the fact i rent out my nail desk, as in i had to prove that was extra money coming in.