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Best lenders for self employed
Jenniefour
Posts: 1,399 Forumite
Self employed and work at home (so some allowances for gas and electric as expenses). 30 years continual business with accounts all in order etc.
Looking for mortgage of about 13% agreed price of property. Term 11 years (until retirement), repayment. Wanting to have facility to overpay. Not looking for fixed rates (yes, I know interest rates are going to go up but going to have to go up to over 25% to be same as rent now paid).
Mortage wanted is just under 3X times annual net profits before tax and after all business expenses.
Squeeky clean credit rating, Experian score 999. Have checked both Experian and Equifax to make sure information is correct, addresses and so on.
No loans, no dependents. Credit card cancelled after bank crash by bank - obviously because not making money from me - rarely used and then paid off immediately.
1. Any suggestions about best lenders for self employed? Or does it not make the slightest bit of difference which lender?
2. How do lenders apply affordability criteria for those of us who are self employed and work at home where some domestic expenses are part of business expenses?
3. A good idea to do my own application or not? For instance, fancy ING Lifetime tracker - direct applications. Or use broker to do hand holding.
Thanks.
Looking for mortgage of about 13% agreed price of property. Term 11 years (until retirement), repayment. Wanting to have facility to overpay. Not looking for fixed rates (yes, I know interest rates are going to go up but going to have to go up to over 25% to be same as rent now paid).
Mortage wanted is just under 3X times annual net profits before tax and after all business expenses.
Squeeky clean credit rating, Experian score 999. Have checked both Experian and Equifax to make sure information is correct, addresses and so on.
No loans, no dependents. Credit card cancelled after bank crash by bank - obviously because not making money from me - rarely used and then paid off immediately.
1. Any suggestions about best lenders for self employed? Or does it not make the slightest bit of difference which lender?
2. How do lenders apply affordability criteria for those of us who are self employed and work at home where some domestic expenses are part of business expenses?
3. A good idea to do my own application or not? For instance, fancy ING Lifetime tracker - direct applications. Or use broker to do hand holding.
Thanks.
0
Comments
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If you can prove income for last 3 years ideally then no issue with self employment.
Speak to a Whole of Market broker.
How do you mean by 13% of agreed price? Do you have a deposit for the rest?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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ITL were good with self employed, sometimes only wanting 1 yr books and can add back in certain expenses such as 'use of home as an office' as they the lender realises these are not true business costs, but merely common accounting tools to reduce Tax.0
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Jenniefour wrote: »Yes, cash deposit.
Should have no issue as long as the self employed profit stacks up for affordability.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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