Self employed- getting a mortgage?

[Guss109]

Nice one mate well done

[john k]

Nice one Sam. When's the house warming party?

[mendiplogs]

To finish my update to this thread. . . . . WE PICK THE KEYS UP FOR THE HOUSE THIS FRIDAY!!!!

 

IT CAN BE DONE!!! :thumbup:

 

HI T/C nice one there mate:thumbup1: jon

[Emsworth]

My wiife and I really struggled to get a mortgage. I am self employed and she is part time, we have a child too which means the mortgage company knock another £12k off what you can borrow. I used and IFA to source the best mortgage etc, and took a massive tax/NI bill by declaring as much as possible. I put about £35k forward and saved up like a nut case to get 20% deposit together. It took us about 3 years to be in a position to buy becuase no one would lend, and we couldn't sell our existing property. eventually, after jumping through a stupid amount of hoops we managed to get the money together and bought a place which we moved into last week. Abby offered us the mortgage in Principle, then when we put the offer in decided they wouldn't lend so we went to Halifax. They were very helpful, and even sent us a little home welcoming hamper.... I'd rather they Knocked £20 off my bill but the thought was there.

[Rich Rule]

Sounds familiar mate, Abbey screwed me over in the same way 2.5 years ago. Santander that is!

 

We ended up with another lender.

[DrewB]

Nice work guys, congrats. I too am self employed and managed to get our first house earlier this year. Luckily my gf has a full time

Job though otherwise it would no doubt of been a diff story...

[lewiswood]

I'm self employed and saw a mortgage advisor a couple of weeks ago as me and my gf are desperate to get a bigger place due to a new arrival. She told us it would be fine with one years books and I told her the profit and went from there. Saw a different advisor today and she bassicly said that its not possible. So no I'm in a pickle because we have already had an offer accepted on a place.

[tuttle]

i think the best option for most if your earning.

 

setup a limited company and pay yourself the right wage to gain the mortgage.

 

that way might take only 3months compared to 2yrs accounts for being self employed.

[the hedge man]

I reckon the best way to buy a house in this economic climate is to LITERALLY BUY A HOUSE!

 

It may seem a bit mad, and for most nion imposible, but really think about it.

 

Run a business the best way you can, and cheap as possible and aim for the £65k threashold (which alot of businessmen could if they put their mind to it) with yourself and a trainee groundy. You could quite easilly run a business for £40k a year, therefore saving 25k a year, so four years down the line you have a 100k saved up, enough for your first pad.

 

I know you would have to living at home in the process and cheaply as possible, or living on the missus wage, but it could be done.

 

Its simply the accumulation factor, most people just fritter away there money and don't realise they are doing it in the process.

Edited December 19, 2012 by the hedge man