Mortgage Advice for Self Employed

spider_girl

Hey guys
I have just become self employed in the last four months (with a steady income) and was wondering if i could get a mortgage now or will i have to wait until i get a few years tax returns in?
Many thanks

powerwin

My understanding is that you will need a minimum of two years self employment income, often three.

This is not professional advice ...

Rgds

whitewing

A good start would be to read the Mortgage Guide on the main site and then contact a whole of market broker and see what they think.

spider_girl

Thankyou for the replies.

Does anyone know if self cert. mortgages are still available or have these been 'done away with'?

_Andy_

There are no self-cert mortgages available.

spider_girl

Thankyou Andy
I have just read the Mortgage Guide as white wing suggested and that says the same, seems it is likely i wont get a mortage at the moment but i dont suppose it hurts to ring around. I had a mortgage advisor quite a few years ago that could work magic so i will hunt his number out and give him a tinkle!
Thankyou again

powerwin

He might have a bit more trouble working his magic at the moment, as getting a mortgage is now much harder than a few years ago.

spider_girl

I was thinking that myself powerwin but it can't hurt to try, if not i'll just have to wait two years. Hopefully something will be put in place for the newly self employed in the mean time....well we can but dream!

GMS

I would be dubious of anybody who could work his magic to get you a mortgage after 4 months of self employment.

Rabbits out of hats, sawing people in half etc is possible but not the mortgage!!

12 months worth of accounts would get you access to a lender, 2 years would get more lenders and 3 years opens up the market pretty much.

Thrugelmir

spider_girl wrote: »

Hopefully something will be put in place for the newly self employed in the mean time....

No lender is going to offer a 25 year loan on the back of 4 months income.

spider_girl

Thrugelmir wrote: »

No lender is going to offer a 25 year loan on the back of 4 months income.

The business has been established for 18 years, its just that i only have 4 months income from it, don't know if that would make a difference but i hear what your saying!