Mortgages for the Self Employed

j2140b_2

Just something I'd like to get off my chest. I think it's great that the Government have schemes in place to help first time buyers get on the property ladder. But, is it just me, or do others want to know when something is going to be done to help the rest of us !

My husband has to work away from home six days a week as we are unable to move house to be near to his business as we can not get a mortgage. The reason is that my husband has recently become self employed and has no proof of earnings. We have had a mortgage for 12 years, never defaulted, always made repayments on time and have plenty of equity in our current home. However, as lenders are now 'cherry picking' who they lend to we have found it impossible to get a mortgage.

When is something going to be done to ease the pressure on people in similar situations. Since self certification mortgages are no longer available it seems we have to wait 2/3 years before we will be able to qualify for a mortgage whilst my husband is self employed. Not a great prospect as we have three small children who miss there dad terribly. What's the alternative, pack up the business and become another unemployed statistic ?!!

Sorry to ramble, be interested to hear from anyone in a similar situation. Let's make a stand !

Jules

Simon_gloster

Self certification used badly got us where we are today I'm afraid Jules, hence why no-one supplies them anymore.

3 years accounts is standard. Lender want to see a trend.....profit making or losing money. If it was my money I would like to know if a firm is losing money as I would re-consideder lending.

You could make a stand the size of Brazil, it wouldn't make the blindest bit of difference.

How come you guys chose this route that made him work away from home? Could he have not done it more local or on an employed basis?

_Andy_

'Make a stand how'? Start lending to people who can't prove their income?

nonnatus

OP, surely if he is working away from home and you want to be with him, it would be more practical to rent anyway? Then if his work moves again (as it invariably does for hard working self employed people who are prepared to travel to where the work is) you can all move with him??
Why would you want to BUY a house in those circumstances?

Self Cert mortgages were SOOOO abused by people who were "creative" with their incomes that I'm glad they've gone (although sad that the actions of the greedy idiots have inconvenienced your family ).

JUDE

OP I totally sympathize with you
BS's wont take my earnings as I became self employed in Nov 2010 and have to provide 3 yrs books first, although I have earned exactly the same every month since and my work is secure.
luckily we have a large deposit, so can just proceed with my partners' salary.
it may be a good idea to sell your house now, bank the funds and rent....then you'll be in a good position when you do buy as you'll be chainfree.

Thrugelmir

j2140b wrote: »

When is something going to be done to ease the pressure on people in similar situations. Since self certification mortgages are no longer available it seems we have to wait 2/3 years before we will be able to qualify for a mortgage whilst my husband is self employed. Not a great prospect as we have three small children who miss there dad terribly.

Thats life. Lots of people work away from home during the week.

Sell up and rent. In the short term.

Dave_Ham

Assume you cant port mortgage to a new home nearer work one or are costs the issue?