Obtaining a Mortgage

Lee_S_2

Right guys,

My house was up for sale at the start of the year, I then found out I was getting made redundant so hastily took it off the market.

Anyway, I found employment straight away so was never "unemployed" but is a little complicated. Basically as it stands now I am employed with a similar salary to before. So I guess i would be ok getting a mortgage as employment continued etc etc. However my employer is pretty old fashioned in the sense I dont get a printed wage slip. My first month consisted of a hand written envelope explaining what tax/ni and take home pay was and was paid into my bank. However i would assume a lender will need proof of earnings and a little envelope that is hand written would not go down that well? How would they be able to proceed with this?

Secondly, i have an option to become a shareholder in this business which would mean self employment and becoming a director. Long term this is what i will do, but am a bit reluctant to do it right now as i understand i need 2 years accounts to then be able to get a mortgage (Correct??)

So questions are as follows.

1. If I stay as an employee for a few years how do i prove my income to a lender?
2. If i decide to go self employed now, how long realistically before i could attempt to get another mortgage (Business has been going 80 years so isnt a new start up)

Think my best option is #1 for a few years but unsure how it would work?


Thanks in advance

ACG

Bank statements would show your wage and your P60 would back it up.
Why cant they get payslips? It costs maybe £10 a month, pay them the £30 for 3 months and job is a gooden.

buying into the company as you rightly say, your best doing this after the mortgage otherwise it gets a lot more difficult and you will need a minimum 1 years accounts but anything upto 3 depending on your deposit.

Lee_S_2

Guess they dont do payslips as they never employed anyone until me. The other 2 are self employed.

My P60 shows last years income up to April tho, not current income, altho clearly my statements do, would this be enough?

harvey115

If there are no payslips, can the employer give you a reference letter with your monthly pay in details?

That might help to show that they do not have a payslip to supply, but they are paying you the amount with tax paid to HMRC as standard.