Self employment and mortages!!!!

[humpo48]

One major problem is that most self employed do everything they can to keep their tax liability down each year.....this doesn't help mortgage prospects

 

 

Completely agree, very good point

[hamdogg]

When we went to the bank to get our mortgage, they took my wifes details then asked what I did. Turned out being a self employed arborist was slightly less desirable than a drug addicted depressed kamakaze pilot flying a truimph v8 powered BE9.

 

The bank prat, closed his laptop, pushed it to the side and said

"We will go with what you wife makes, you wont count on the application"

"see you dont count." says my wife with a grin

 

3 kids later and I count plenty!

 

 

Yeah well when we sat down with the mortgage advisor, all my partner had to show was a few months wage slips and bobs your uncle, I had weeks and weeks messing around with my end of year accounts proving where my money for the deposit came from etc etc!! Nightmare!!

[Rich Rule]

That is exactly what I have just been through. On the bright side though, at least I don't have to do another tax return until January 2017.

[Richard 1234]

That is exactly what I have just been through. On the bright side though, at least I don't have to do another tax return until January 2017.

 

 

What about next January (2016)?

[Steve Bullman]

What about next January (2016)?

 

He's already done it

[Rich Rule]

Yup. Already done it.

[hamdogg]

Time to make a loss

[Richard 1234]

Yup. Already done it.

 

 

Sorry not using my brain!!

[Tom D]

Back in the "bad" old days when mortgages were easy to get, I was told by a mortgage broker that they knew that being self employed meant that you did as much as you can to hide your earnings, He was even prepared to take into account any "cash" that I may have earned but not declared. Of course there wasn't any.

 

Its a different world now, I feel sorry for those that can't get onto the property ladder now.

 

For anyone who is struggling: get off the high street and go see a mortgage broker, they will find you one if anyone can.