Mortgages For Self-Employed?

AllanH

Are there any Mortgage Companies leading to self-employed people, I have been self-employed since 01 Jun 2011 (on a 3 year contract, renewable annually) but most companies are asking for 2 years 'books'?

I am looking to obtain £200k and have a sizable deposit (15-20%), I have also been contacted by a broker but they want £495 as a payment for helping? (which will be refunded if they are unable to help! - but sounds dodgy to me?)

Any help much apprecaited.

Allan H

Thrugelmir

What happens at the end of the 3 year contract?

AskMeAnother

Sorry to say but this looks unlikely for me. Unless you are a locum Doctor or Dentist, I don't know of any lenders who will lend in this situation.

If you are self employed under an umbrella company or your tax is deducted at source in a similar way to being employed, there may also be some options.

There will also be options as soon as you have submited your first year's tax returns, but that would also depend if yo make enough profit in your first year due to set-up costs etc.

If someone is willing to refund a fee when they can't help, it may not be a bad idea to take them up on this, but my opinion is you won't be without the £495 for long I'm afraid.

Good luck!

_Andy_

AllanH wrote: »

Are there any Mortgage Companies leading to self-employed people, I have been self-employed since 01 Jun 2011 (on a 3 year contract, renewable annually) but most companies are asking for 2 years 'books'?

I am looking to obtain £200k and have a sizable deposit (15-20%), I have also been contacted by a broker but they want £495 as a payment for helping? (which will be refunded if they are unable to help! - but sounds dodgy to me?)

Any help much apprecaited.

Allan H

What were you doing prior to going SE? I.e. were you in the same line of work?

Wh05apk

Some lenders will treat you as a contract worker, rather than self employed, basing your income on the contract, however they will normally need you to have had the contract for a year or so, and have had renewed.

It may be possible, but would require a broker to earn their money and spend some time phoning around.

kingstreet

I agree with Wh0.

You may have a chance with a firm which works with contractors. You could try;-

http://www.contractormortgagesuk.com/

and similar firms.

A search on here for contractor mortgages may yield better results and recommendations.

Leon_W

Basically, contractor or self employed, I don't think you'll find anything with only 5 months history. Minimum of 1 year and even then it'll be tough.

Best of luck though.

AllanH

Hi All,

Thanks for the current feedback and answer to some of the Q's - I was made redundant in Oct 2010 and did some retraining before become self-employed (Training Manager, since 2004 but with over 15 years Exp) - Self-Employed Vocational, Education and Training Specialist - current company does not employ staff (trade association), hence the reason for self-employment @ £60k per year plus £15k Exp's. (11 x big businesses paying for my services!) It will be up to me to make the contract self-funding after the 3 year point? I also have other income of £10-15k.

Regards

Allan H

AllanH

Hi All,

Should have also mentioned that I work from home and apart from my IT and Car (all paided for), no other overheads. No loans, overdrafts or debts.

Regards

AskMeAnother

from the income they pay you, do they deduct anything for tax, or is that all left up to you?

AllanH

I am responsible for all paye, tax etc - I get a flat rate fee £5k per month, plus expenses (varies each month but allocated £15k per year), I put £1.5k away each month for my tax bill (will register for VAT when I get nearer the limit)