Self employed mortgage

capt

Does anyone have any recent experience of getting a mortgage when self employed but without any accounts? I have just switched to being self employed and would like to take out a mortgage worth about 40% LTV on my house which is currently not mortgaged. This would equate to about 3.5 x what I expect to be earning in the current tax year. Many thanks

kingstreet

Not possible, I'm afraid.

You might get someone to consider it with one year's accounts or SA302s, but with absolutely no evidence of income it won't happen.

HappyMJ

What do you want the money for? A business loan possibly secured on the house may be considered. They are still lending but you will find it very difficult without some proof of income profit etc... Do you have a business plan?

capt

I work as a dentist and I have an NHS contract with a fixed value so I can provide evidence of income expected but not past accounts

kingstreet

Aha.

Might be worth a crack with your own clearing bank then. They tend to be a bit more flexible with their professional customers.

brook2jack

Very little chance of any loan as a dentist unless you have three years accounts. Lots of practice sales have fallen through in my local area as the dentists could not get loans to buy the practice.

I had to provide three years of accounts, and as you know just because you have a contract to provide so many UDAs doesn't say you will get them or what your lab fees etc are going to be.

nufc_fan

Try Scottish Widows professional mortgage. They told me they consider associates as "employee" especially if an established practice and contract. They said they contact Practice Manage for evidence of contract size.

capt

thanks for all the suggestions and advice

jugglebug

Have you considered getting advice from one of the financial adviser companies who specialise in the Dental Market?
I recently bought into my practice and as I have moved about a bit in the last few years my accounts were up and down.
The advisers have a deep knowledge of the market, and the individual requirements of the various lenders, without which I would have been lost.