Self Employed Mortgages

thedogsgottago

Hello

Does anyone know the options available for Self Employed WRT mortgages? We always used to get Self-Cert mortgages, but not sure if they are available anymore. We have a mortgage of £160k fixed until 2013 with redemption fee, but we want to burrow more to do up the house, which we paid £340k for in March 2010.

My OH is self employed and we also have rent from a flat that has no mortgage, but whenever I mentioned this to mortgage lenders in the past they always said they don't take it into account, so we always went down the self-cert route.

Have we got any chance of burrowing around £220k on an income of around £44k on the books with no debts??

herbiesjp

Self cert mortgages are no longer an option.

If you are self employed you will either have an accountant to do you returns, or you will do a self assessment form.

His self employed status will dictate which figures a lender will look at to assess a mortgage (i.e. sole trader or ltd. company)

OH will need a 3 years accounts, which you should have by now - as going by your post you have had mortgages in the past.

The rental income can be taken into account to some extent as it is on an unencumbered property - otherwise you are bank on 5 times income.

Also, you have just about owned for 6 months, so you are ok for the mortgage.

You should ask your current lender what they can offer you first, and get a deal that expires around the same time as the first deal.

GMS

thedogsgottago wrote: »

Hello

Does anyone know the options available for Self Employed WRT mortgages? We always used to get Self-Cert mortgages, but not sure if they are available anymore. We have a mortgage of £160k fixed until 2013 with redemption fee, but we want to burrow more to do up the house, which we paid £340k for in March 2010.

My OH is self employed and we also have rent from a flat that has no mortgage, but whenever I mentioned this to mortgage lenders in the past they always said they don't take it into account, so we always went down the self-cert route.

Have we got any chance of burrowing around £220k on an income of around £44k on the books with no debts??

Would you look to raise any funds from a remortgage of the flat? This could help to get the total amount of borrowing you need as with 44k income you may struggle to raise 220k.

ninky_2

thedogsgottago wrote: »

My OH is self employed and we also have rent from a flat that has no mortgage, but whenever I mentioned this to mortgage lenders in the past they always said they don't take it into account, so we always went down the self-cert route.

three years of hmrc statements showing profit for tax purposes as mentioned (you can get these from your tax office). the rental income (or profit from it) should also be on your accounts since you should be paying tax on this and therefore will also be taken into account.