Mortgage for the Self Employed

selfemployedmortgage

Hi,

I am looking for some advice/guidance on applying for a mortgage on a self employed basis.

I am a director of a company which I established in 2007. I already have 1 year of audited accounts and will have year 2 after August 2009.

Can anyone help regards the best lender to approach for self employed mortgages? I know Bank of Scotland and RBS were good in the past, but not sure now with the current climate.

Any help would be appreciated.

Richard

Radsteral

Richard... rbs is still good, they were the best offer for me and more keen to offer me mortgage- and think i was desperate to get a mortgage..

i submited with a letter from accountant but that wasnt sufficent and they wanted 2 years accounts.
i m same position as you
my aplication failed as although my company is doping well, they needed to see my stated wages not what s going on my personal or bussiness account.
in the end it failed as my wages were 5000 plus dividents(15) = total 20 k wages .
too tax efficent - they told me.

if you wages are higher and depending on what you wanna borrow and deposit to give-- that may make you feel lucky .
good luck

herbiesjp

Most lenders do mortgages for self employed people - the only difference is the lending criteria based up on income verification.

Different lenders want proof of income over different timescales - so you need to find one that fits the supporting documentation you have.

It will also depend upon the figures i.e purchase price, deposit etc.

Spangled

FWIW, my OH and I recently bagged a tracker remortgage with HSBC (who we approached direct). We're both self-employed. We provided three years' worth of accounts for each of us to HSBC. As my income was particularly complex (varying income streams from dividends, self-employed income and a little PAYE, depending on the contract), my accountant supplied a statement-of-earnings letter, detailing my total verifiable income for each of the last three years. The HCBS assessor phoned me up to pick through a couple of points (I also bank with HSBC) but all was OK in the end.