self employed mortgage

[firewoodman]

yes i am trying to get one, appart from pointig out the obvious, can any of you help??

have you recently got one?

who is it with?

what problems did you come accross? etc

 

my biggest problem is my self assesment tax return

 

i wont and dont expect anyone to post any financial figures on here, but would apprecite the help

[Stephen Blair]

why dont you just get an accountant, borrowing isnt easy these days, you will need a hefty deposit probably 15% and a good credit history and a few years books.

[Tom D]

I got mine before the financial crisis, I imagine its a whole lot different now...

However, a friendly accountant is always handy, that year I had 2 sets of accounts, one for the taxman showing v little profit and one for the bank showing big profit.

 

A mortgage consultant might be an idea.These guys were good when we bought our first house 8 years ago.

Mortgage Broker - Impartial Fee Free UK Mortgage Quotes - Search Every Lender

[Tony Croft aka hamadryad]

You need NOTHING!

 

if you can pay the rates they will offer you, if I can get a mortgage ANYONE can.

 

I could give you a few numbers if you like, though things have changed a bit with the banks these days, they do still however gladly take your money if the returns are good!

[firewoodman]

i'm asking for 38% ltv, and extending it to 25yrs which halves my current repayments

 

BUT

 

cos i bought big machinery in the past 2 yrs, good old tax man has written off the depreciation in 1 yr instead of 3, this dropped my taxable profic a hell of a lot..... GREAT

 

BUT this now means that the lenders only go on your taxable profit so that what is making things difficult, already been refused by my bank i already have mortgage with

[Stephen Blair]

when did you get the mortgage tony?

[firewoodman]

oh self certs are no longer avail either

[Stephen Blair]

i'm asking for 38% ltv, and extending it to 25yrs which halves my current repayments

 

BUT

 

cos i bought big machinery in the past 2 yrs, good old tax man has written off the depreciation in 1 yr instead of 3, this dropped my taxable profic a hell of a lot..... GREAT

 

BUT this now means that the lenders only go on your taxable profit so that what is making things difficult, already been refused by my bank i already have mortgage with

 

you cant have both, when i wanted to borrow a lot of money, i worked my nuts off and we hardly claimed anything to keep the profits up for borrowing, got all the mortgages and loans but got a mighty tax bill too, but the value of the property was going up very quickly so it was worth it:001_smile:

[Tony Croft aka hamadryad]

Oh well i might not be getting a new mortgage in may after all then!

 

thats a spanner in the scheme!

[Stephen Blair]

Oh well i might not be getting a new mortgage in may after all then!

 

thats a spanner in the scheme!

 

self cert mortgages were wiped off the board 2 years ago after northern rock had their little woopsy, but if you have a mortgage already you will be ok, but you will have fewer mortgages to choose from, variable rates with collars are long gone, interest only is always cheaper and repayment is a fortune, but take whatever keeps a roof over you head, personally i would rent and save my money for a big deposit.:thumbup1:bargains appear all the time, you just need to have a little pot ready