self employed morgage

[james the spark]

Can anyone suggest who to use for a first time morgage for me as iv been self employed for less than a year.

 

[i=p/u]

a guy i know, had to show 3 years tax accounts. but his situation could be different that yours.

 

[james the spark]

That's what I'm worried about the house I'm in has just sold and is rather not rent again won't find out till next week but don't know what bank will b best

 

[i=p/u]

get out there and find out, pay for financial advisor, ask someone who has had morgage for few years

 

[Guest123]

S.E less than a year, you'll be extremely fortunate to get any sort of mortgage.

When I bought my first house, they wanted 5 years worth of records to show I had the funds to afford the repayments.

 

[Jimmy Boy]

Hope> Bob and No. it's tough out there

 

[QuatroFromageo]

S.E less than a year, you'll be extremely fortunate to get any sort of mortgage.

When I bought my first house, they wanted 5 years worth of records to show I had the funds to afford the repayments.

Tell me about it. I had such a hard time as well.
The missus and I even had a 25% deposit to throw down.
In the end I had to be really firm with them and tell the solicitor to stop faffing around or we'd take our money somewhere else.
They bloody jumped to it then!

 

[DanMoe12]

I am also very interested as I have the same issue going on right now as well.

 

[Dave 85]

Im pretty sure you need three years accounts showing 30kish profit these days plus about a 25% deposit

I was lucky, I jumped on the ladder about 3 years ago when prices had just dropped, interest rates were low, there was no stamp duty and self cert mortgages were still allowed. The first mortagage lender I went to wanted proof of my (rather dubious) claim that I'd been making 30k taxable profit since I was 21 so I just went to a different lender who didn't require proof.
Course nowadays it ain't so easy.

 

[baldelectrician]

I would at this point recommend a program called tax calc.

You can download it to do your tax return and they give you access to previous versions as you may need to use old reports.

I do my own tax return as I do all my invoicing through my PC with a program called Quicken 2004 (yes 2004) , I use quicken to print out a 5 page report and use this info to fill my tax return in.


You enter the info, so you can have any amount that you need to get a mortgage on the return (not that I am suggesting you do this- I strongly advise against it!)

 

[Octopus]

I doubt you'll get a mortgage, with less than 1 years SE trading. You'll probably need 3 years audited accounts.