Self employment and mortages!!!!

[hamdogg]

They said they accept two years, no less! Bit I'm gonna put the girlfriend on aswell with a good deposit, so fingers crossed!

[benedmonds]

It has changed so much from ten years ago, not all bad. I was asked how much I earned self employed, they never asked for accounts or anything... I just made up a number... I wasn't even working at the time..

[Steve Bullman]

It has changed so much from ten years ago, not all bad. I was asked how much I earned self employed, they never asked for accounts or anything... I just made up a number... I wasn't even working at the time..

 

Thank goodness it did change....thats what caused all the problems in the first place!

[Silverwood]

Thank goodness it did change....thats what caused all the problems in the first place!

 

Indeed.

[hamdogg]

I wish it were still like that!!

[carpenter1]

i had the same problem, for the last few months.

as being self emplyed you have an accountant, which try to keep your tax down, which does not help morgages.

 

they do not like self employed.

[agg221]

How are you going about trying to get a mortgage?

 

The problem with talking to individual lenders (e.g. your bank) is that they each have a risk profile. Many banks already have too much high risk (which is what self employed is seen to be) so it can be difficult to get accepted, let alone get a decent rate.

 

The whole market brokers are generally best at knowing who is looking to lend to people in a particular bracket. They charge, but only if the mortgage goes through. London and Country, and John Charcol are the brokers which usually get recommended (see MoneySavingExpert). We went with John Charcol when we remortgaged about 3yrs ago - I am employed but our house is timber framed, 500yrs old, Grade II listed and thatched so fairly specialist and they still saved us around £2.5k a year. You get assigned an advisor, who you deal with personally and actually answers their phone, so it was fairly painless.

 

Alec

[Tim Stobart Tree Surgery]

I'm in a similar trap, though have the fortunate situation of having got on the ladder while in employment. It's now 5 years on, S/E for the last 3, and I can't face getting a new deal so I'm just rolling with it. Ironically, I'm now living 500 miles away, and the rent from the tenants pays the mortgage, it's SFA to do with me. Her indoors has now bought up here (in here name, as I'm dirty dirty self-employed) and that's the mortgage we worry about. I almost forget about my place!

 

If you're in a job, get on the ladder. If you're out there on your own, then you may as well give them an application in the name Nick Leason.

 

Grrrrrrrrrrrrrrrrrrrrrrrrrr.

 

I guess that helps no-body, but again, a chest cleared!

[ArthurBottlesworth]

Cos my missis works for the gov't they absolutely love her ...........

[hamdogg]

It makes my blood boil! Just keep trying is all you can do, I'm glad I don't live further down south with the cost of houses down there!!