Sole Trader Mortgage Required

matthewfc

Hello all.

I was wondering if someone could help me. I have recently started up on my own as a Sole Trader (start of this current tax year). My question is that I am planning to move home in a year or two. I know that the mortgage company (currently Abbey) will accept the Inland Revenue tax receipt (the one they send you when they agree with your calculations) as proof of earnings but I am not sure when I will get this document through.

Will I get the self assessment forms to complete in April 2010? How long after I submit them will I get the confirmation from the IR?

Hope this all makes sense.

Matt

Simon_gloster

Abbey require 2 years worth of accounts on lending. You would need to re-apply and if ypou have not 2 years of accounts then the likelyhood is that it will be a decline. YOu would need a self cert mortgage and I can only count on half of my hand the number of lenders doing this (Platform for one). The rate is just under 7% and max Loan to value 70%.

happybroker

you wouldn't need to self cert, there are lenders out there who will look at your case with less than 2 or 3 years accounts. When you come to start looking into this more seriously then it would be sensible to use a good whole of market broker who will be able to pinpoint the lenders that will be able to help for you.

You have untill Jan 2011 to file your return (if done on line) for the 09-10 tax year but do it as soon as possible and then you will have the information required by the lender, it doesn't take too long to come through, especially if you do it on line.