Self employed mortgage

Mallowmarshmallow

Hello all,

I have seen a number of posts on here relating to obtaining a mortgage for those who are self employed but was wondering if someone might be able to help me?

I am wondering whether it will make a difference that I have worked in the profession I now freelance in for five years (and as such know the ebbs and flows of work).

I have been freelancing for six months and am clear that I will not be able to obtain a mortgage yet but am hoping to be able to in about a years time.

I have just submitted my first three month accounts to my accountant but expect to be bringing in about 35 - 40k annually if I work hard enough. Hopefully we will have 30k deposit and will be looking to borrow about 150k. I currently own a house so not a FTB, and it will be a sole application as my husband has a bad credit history.

Any tips or advice?

Many thanks.

powerwin

Whilst I am no expert, my understanding is that you will normally need at least two years proven earnings from self employment before you will be considered for a mortgage. The fact that you were employed in the same industry before hand won't change this. You represent a lot more risk to a lender now you are self employed.

What kind of advice were you hoping for?

Rgds

Mallowmarshmallow

Thanks for the response - not really sure what sort of advice I was looking for really! I had heard that some lenders will lend will less than two years accounts so perhaps I was hoping someone had experience of that. Thanks for taking the time to respond.

GMS

There are lenders who will deal with only 1 years worth of accounts. When you are ready to move speak to a broker.