Freelance FTB-ers with a 15% deposit

TellyFreelancer

Hi,

My partner and I are both Freelance TV professionals.

We have a 15% and are looking to borrow between £190,000-£200,000.

My partner is freelance but payed PAYE. I have recently gone self employed (Aug 2010) but before was freelance PAYE. We have both been TV contracters for over 8 years. I can go back to being PAYE if needs be for a mortgage application.

My partners parents would consider being guarantors if it helped us get on the ladder. They both work full time and own their own house outright.

We've been turned down by one broker due to our short contract lengths - sometimes can be as little as 2 weeks upto a more likely 2-3months, and another broker is being rather vague about what's achievable for us.

Can anyone help at all or point us in the right direction? It seems our circumstances are particularly unusual and undesirable to lenders but our joint income last year was almost £70,000 and I took 3 months out to go travelling too so our earning potential is much bigger.

If anyone thinks we're not in a futile position I'd love to know.

Many thanks in advance for any responses.

GuidoT

If you can provide evidence from your accountant or tax returns to the effect you have incomes of £70K for the last 3 years you should be able to get a mortgage for £200K.

Let_Us_See

Freelance PAYE? Interesting scenario. I believe you should be able to achieve your aims with a little determination. For mortgage purposes I would imagine you would be classified as self-employed, even although you were PAYE, and therefore your short contracts or your travelling would not have such a negative impact.

What was your joint income for the previous year, and are you using a particular 'financial year' (April to April, for instance) or just a rolling 12 month period to calculate your income?

TellyFreelancer

We were going April to April in terms of financial years.
Our earnings last year (2009-2010) were £33,000 and £36,000 and the year before that were apx £25,000 each. (again there was a period of travelling there too so again not a full reflection on a years potential earnings)
Our rates go up dramatically when we get promotions so we expect to be earning more and more each year rather than plateauing any time soon.

I have an accountant now but have only been self employed since Aug 2010 so am not sure what he could do to help me prove my earnings or provide me with accounts until the end of this tax year.
I'm really quite ignorant on this subject though I'm afraid.

Pleased to hear we're not completely barking up the wrong tree here though.
We both have payslips and P60s/P45s from the two most recent tax years (2008-9 and 2009-10) to prove our earnings.

Thanks so much for your answers.

mortgagehel

Hi guys,
just wondered how you got on with this...am in similar position.

I have one full years self employment and then the year before was a mixture of PAYE and self employment.

Did you get a mortgage in the end?

Thrugelmir

Let_Us_See wrote: »

Freelance PAYE?

Rather like "temping" in the broadest sense.

harvey115

Let_Us_See wrote: »

Freelance PAYE?

Sounds more like owner of a ltd company paying in salary (PAYE) and dividends??

PS - how can you be otherwise be on PAYE other then working in a company as such.