HELP: FTB & Self-Employed :( how much can I borrow??

jig

Hi all,

I am a FTB who is self employed. I have no debts and very good credit history. I have £60k deposit and one years co accounts. I paid myself min wage and dividend of £28 (so £32k income last company year will be around 40k next year).

How much can I realistically borrow? Who or where are the best mortgage providers for my situation? are there any other pitfalls to be aware of?

Thanks in adv

property.advert

You're not self employed, you work through your own Ltd. Co. Your contract of employment is around £6 per hour and you have a shareholding in the company which pays a dividend. You have 1 year of company accounts.

Can you get a mortgage ? I doubt it. You'll need another year's accounts first for most people to touch you.

paint

I'm also a contractor and my Ltd Company pays me on the same basis as yours. I'd recommend you try a specialist freelancer broker such as freelancer financials as they'll be best able to advise. I talked to a couple of specialist brokers before I applied for a mortgage recently.

The 'top two' recommendations (I was looking specifically for Offset products) seemed to be Woolwich and Clydesdale. Clydesdale didn't need to see my accounts, but wanted copies of my current and previous 2 years' contracts as evidence of earnings. Can't remember what Woolwich wanted. Also tried First Direct, but they wanted 3 years Certified Accounts as part of the application.

I'd definitely recommend you speak to a specialist freelancer broker.

Good luck.