self employment Q

toontori

MY husband hasn't been employed for a couple of years - he had a long period (about a year) on disability benefit, then has been self employed for about 8 months or so. Obviously he can't give anyone 3 years of audited accounts! We've been previously told that this would mean we would have to stay with our current lender when re-mortgaging, as they wouldn't ask for proof of income - does anyone know if this is correct?

Hope someone can help!

Toon-Tori

AndrewSmith

toontori wrote:

MY husband hasn't been employed for a couple of years - he had a long period (about a year) on disability benefit, then has been self employed for about 8 months or so. Obviously he can't give anyone 3 years of audited accounts! We've been previously told that this would mean we would have to stay with our current lender when re-mortgaging, as they wouldn't ask for proof of income - does anyone know if this is correct?

Hope someone can help!

Toon-Tori

That really depends on whether you are simply switching rates without increasing your mortgage.

If you are switching rates then it is unlikely that you will be asked by your current lender for proof of income.

If you are increasing your borrowing then they almost certainly will ask for income proof (unless you self certify if your current lender allows it).

Post some details about what you are looking to do and we can gove you more specific help.

Thanks

Andy

Tiggs_2

When i set up my company i went through a period of no evidence of earnings and no accounts, etc.

My mortgage brooker easily got me £260k of borrowing from a high street lender and an excellent rate on the basis it was affordable to me.

I was surprised how easy it was!

Should add, as above - when i switched to a new rate after the 1yr fix i stayed with the same lender and they didnt ask for anything other than the details of what new rate i wanted.