Self Employed Mortgage?

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supaspreadste

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hey every1. im looking at getting a our own place due to my other half going to pop a little one out end of july. Been renting a house for 5 years now but its way too small for a new arrival. also we have 2 dogs and 2cats so its pretty hard to find another house accepting pets. Anyways, just want to know how if any of you guys have got a mortgage being self employed. and do they base it on my recent few months moneys coming in, or all my books since i became self employed. I havent done great recently money wise. bout 17-20k a year. and my oh has part time job in a shop. Any info would be great :)
 
we are in the middle of getting our first house mate, i had to tell them my last 3 years earnings then show them my last 2 years tax calculations. mrs works in a childrens centre fulltime. in my worst year i earned a lot less than you as i had 4 months off with no work. our house is 86k and we've put down a 10% deposit.
 
Right ok , been crapping myself because of the dreaded self employed bit. time to get together my books and the rest of that deposit then. thanks guys :up:
 
Yup as Beddy said.... We have £40k deposit but because I was away travelling last year and what I made online was not enough as it was based on my earnings only we got denied.... :-(

All is not lost though >:)
 
40k deposit?!!!!!!!!!!!!!

**** me danny, from what i saw today you could buy half ok MK with that
 
Mortgages are very difficult to get, more so being self employed. I had to come up with 30% deposit. And your credit rating will need to be A1. It's all changed for the worse in the last few years, i'm afraid. Good luck!!
 
how come i got it with a 10% deposit then? everyone was saying we'd need 20-30% before we went for it. and 3 years ago my mrs was in 14k debt. paid it all off and got advised to take out a credit card even if she only used it to buy a dvd or the weeks shopping etc, just to get her credit rating back up
 
luton van with a tail lift :RpS_thumbup: just drive carefully or the water will spill outta the hottub and the inflatable palm trees might fall over which could pop them if they land on the edge of a skim bead
 
interest rates are gonna go up real soon, to curb inflation. Try and hold on as long as you can, cos house prices are gonna fall some more.
 
i have years of accounts with 40k + a year.. own a house already and could not get a £150,000 house unless i gave 40% deposit due 2 missing a few loan payments!
 
just going through the same problem pal
its a nightmare at the moment getting morgages for self employed,you might get a 10 per cent morgage but you get clobered with a big interest rate ie possibly 5% even tho base rates 0.5% plus there knockng self cert on the head across the board.problem i found is ts a 2 edge sword you want your accountant to write your tax down but it shows you earn less.i had to show 3 year books but it shows less because i pay a tax specialist accountant a fortune to do this.
i could write a book on the amount of hasstle ive had trying to get a morgage at a reasonable rate.cos im bulding my own house ive got a self buld morgage but ive had to buy the land myself and find 30% deposit for the build, a good 60 grand.
depend were you are in the country,prices have hardly dropped at all im my neck off the woods.
 
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It's not all that anymore I,d concentrate on keeping a roof over you're head and think is a mortgage worth the hastle and stress at least you can do a runner if you're renting lol
 
lol you find find much in milton keynes for anything less than £70K

Mortgages are a pain in the ass if I earnt what I earnt this year over 2 years we would have been fine for a mortgage but because I did not and even with the huge deposit banks were not interested so I said **** em.

I am not that worried we looking at buying a house to rent out and there are a lot of houses up and down the country that you can pick up cheap yet still get good money for the rent..... I have started to be a cash only person, I only use a credit card to boook things online and pay for petrol I only buy something if I have the coin in the bank.

I dont like banks......
 
Danny said:
lol you find find much in milton keynes for anything less than £70K

Mortgages are a pain in the ass if I earnt what I earnt this year over 2 years we would have been fine for a mortgage but because I did not and even with the huge deposit banks were not interested so I said **** em.

I am not that worried we looking at buying a house to rent out and there are a lot of houses up and down the country that you can pick up cheap yet still get good money for the rent..... I have started to be a cash only person, I only use a credit card to boook things online and pay for petrol I only buy something if I have the coin in the bank.

I dont like banks......
Click to expand...

And rightly so, I hate banks to...

But i have a few outstanding debts from years ago, so my credit rateing is really cack, need to sort it out before i even consider getting a mortgage
 
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