Current criteria on income to give mortgage?

Yorkie1

freddieD wrote: »

I still think it is funny to see the attitude of lenders in relation to what somebody said above that cash in the bank can be gone tomorrow (regardless of how much you have) and their attitude towards the self-employed.
You can also have, today, a nice job in the public sector, army, train manufacturers, car manufacturers and tomorrow you start on your long term unemployment, but lenders like people with 9 to 5 jobs:)

True, but any of those people in the public sector will have a lump sum redundancy payment to tide them over. A self-employed person has no such payment to tide them over if work dried up or they couldn't work tomorrow for any reason.

freddieD

Self-employed people are better prepared to find ways to make money from a different kind of job/business than somebody who has spent 25 years behind a desk in a Council office.

You can get insurance against loss of earnings but even I don't bother with it (it's not worth the piece of paper it's written on)