Both self-employed and want a mortgage

zarn

I have been reading threads but was wondering if anyone hadany specific advice. I’m a self-employed teacher and my husband is a self-employedactor. We do have a mortgage which wesorted out when my husband was PAYE. Wenow want to move. We both have 3 yearsof accounts. I know that the self-employedare not looked on particularly kindly when it comes to mortgages so waswondering if there was a particular company that is more open or is thereanything we can do to make the process easier? Thank you.

Dave_Ham

I would sugegst speaking to a broker, we have access to systems and support and experience which will save your time and heartache.

Whist the banks are more reluctant to lend to self employed persons, there is still laid down criteria and still comfortably achievable.

All the best.

koexelek

If you have three years accounts each ( prepared by a chartered or certified accountant) or you can provide your last three years SA302s ( Inland Revenue form confirming your taxable income) you should be OK with any lender.

Lenders do not like it if income is falling though:o

moatmeister

Prepare for a battle.

They would rather lend to someone on a regular income from benefits than to someone with an irregular income in a perfectly good self employed situation.

I had to fight tooth and nail to secure a mortgage. Its a disgrace!

handytips

I manage to place the vast majority of my Self employed clients with ease and no discrimination, as long as their accounts stack up that is. If you have only 1 years accounts then you will struggle, but ordinarily it is usually best to use the services of a broker, who should understand lenders criteria's and requirements. The SA302 returns are a must for all of you Self Employed people. Good Luck

zarn

Thank you for all your advice. We do have at least 3 years of accounts (my husband has more). Income has increased each year so that's good. It seems that using a broker is the way to go. Thanks again.

Conrad

Brokers vary as widely as do singers, so make sure you speak to a few. I often mop up cases other local brokers have given up on. It comes down to experience and above all, contacts with SMALL lenders that can interpret accounts rather than going by the bottom line Tax numbers.