Self employment and mortages!!!!

[theflyingscotsman]

A lot of my younger self-employed chums also go and work for three months for someone to get the golden 'three months of payslips' to secure their mortgages. As that's all most mortgage lenders are after..

 

A good mortgage broker is like a good accountant though... They will save you a packet and go through all the companies an find someone so you don't have the stress.

 

Like any service there is a charge. I've just remortgaged my 'non standard construction house' again for 5 years fixed. One call to my mortgage guy ( works for My Clear mortgage solutions, which is a big franchise, so they're all self employed too!)

 

Cost £450. Saved me a packet (-paying £150 a month less) reduced the mortgage by 5 years at the same time.. Happy days.

 

 

Like most things these days like car insurance etc, going on confused.com or compare the market is less stressful and time efficient usually saving you a bit too

 

Good luck

[theflyingscotsman]

Yeah mate the bulk for their payment is from the lender. You may or may not have to pay a wee bit depends on the deal. Also if your struggling with one mortgage broker try two or three and pick the best deal.

 

I have been with 2 companies, the current one are great. Tell them what I'm after and they come back with the prices win win as I see it

[hamdogg]

Yeah mate the bulk for their payment is from the lender. You may or may not have to pay a wee bit depends on the deal. Also if your struggling with one mortgage broker try two or three and pick the best deal.

 

I have been with 2 companies, the current one are great. Tell them what I'm after and they come back with the prices win win as I see it

 

 

Spot on! I was wondering about using two different brokers and see what they both came up with! Cause if they don't cost you personally it's worth a try, but I can see if they find you a deal and you decide you don't want it, a big bill comes through the post!!

[countrryboy]

All really interesting I always new it was a pain to get a mortgage as self employed. I am looking at getting on the ladder in the next 4 years. Anyone know what happens if you have been working in different countries? In and out of the EU ?

 

Reading this looks like I might have to wait a bit longer and have settled down first for a few years before buying a house...

 

Just like anything u have to watch wot u have declared in the past, my mate got caught out for 'x' ammount of years he had made so much then he told his accountant to stick it all throu for 2 years for his mortgage books.

Tax men don't like big sudden jumps in earnings, tends to attract attention.

 

He was full time shearing sheep and just traveled the world shearing following the seasons. Good money but bloody hard work

 

I'm just going throu a remortgage the now and fairly painless althou my last years books were down a bit due to a long holiday and weather yet this years are more than usually so he wants this years in to show that. Don't like any more than 10% difference i ws just bang on it

[rovers90]

Yeah that's what I'm doing, I think they also charge who they get the mortage from?

 

A mortgage broker gets paid by the mortgage provider for putting the business their way, they don't charge who they get the mortgage from.

 

If the mortgage broker charges you for their services they are on a win win as they will get a large payment from the mortgage provider as well. This is why I think the term "independent" mortgage advisor should be taken with a pinch of salt as they will always tend to go with the company they get the best kick back from.

 

So yes, it would be interesting to go through more than one advisor and compare who they suggest for the mortgage as if they are both looking after your best interests and finding the best deal for you, they should recommend the same company.

[martwizz]

Many independant mortgage advisors are on a tightly regulated panel to make sure they are unbias, and they receive an identical commission from all the lenders.

[hamdogg]

Well shall see what the outcome is, gonna speak to one and maybe another

[hamdogg]

Well the day has finally come when I've put an offer in on a house and got mortgage, now for all the solicitor fees and the rest of it 😑

[arbormonkey]

Well the day has finally come when I've put an offer in on a house and got mortgage, now for all the solicitor fees and the rest of it 😑

 

 

congrats mate well done

[Steve Bullman]

best of luck with it