Mortages for Self Employed

CARRIE_2

Hi I'm new, never done this before so apologies if I scew up somehow!

I'm self employed, currently renting and thinking about looking for a mortgage. I'm recently bereaved and not in a good position financially so all senses on high alert at the moment!!

Any advice on best mortgage for self employed people..what questions I need to ask etc....My trusted accountant is recommending someone that I can deal with but would welcome Martins or anyone's no nonsense advice please.

LisaT186

As long as you have accounts showing net profit, preferably for 3 years then you are treated no differently to an employed person in respect of income multiples. A lot will depend on credit score and deposit. A broker would be good to guide you through by the sounds of it as there can be a lot to take in and understand.

CARRIE_2

Hi There

Many thanks Lisa...it's all early days yet but there are so many minefields and variations..don't why it all has to be so complicated :-)

herbiesjp

It's not really.

Getting a mortgage whilst being self employed can be as straight forward as getting a mortgage whilst being employed.

It's just a different way of verifying your income normally

Any questions just post them on here and you 'll get lots of help

HTH

jaype

Do you definitely neeed 3 years accounts with all people? I became self employed last July and am maybe looking to buy in the autumn. Do I have any options?

LisaT186

jaype wrote:

Do you definitely neeed 3 years accounts with all people? I became self employed last July and am maybe looking to buy in the autumn. Do I have any options?

Yes you have options. There are actually quite a few lenders that will look at one years accounts, it just narrows down the field slightly as some like to increasing profit and a track record. There is always the option of self-certification if your books aren't finalised but you have a good idea of earnings, although you tend to need 15% deposit to have a wider choice of lenders.

fireuptheband

Hi,

I'm self employed and managed to get a self cert mortgage with Birmingham Midshires, fixed for 2 years at 4.8.
Good deal I thought and they didn't need to see any accounts.