Self-Employed Mortgage - No Previous Declared UK Income

hamster2013

i had been in the uk 13 months when i applied for my mortgage.
I am EU citizen and just moved to the UK - so not much credit history here
got 2 mortgage offers (yes, paid 2 application fee's!!!) without much trouble

you just need to have your paperwork right.
HOWEVER, I am employed, not in probation period, with a work contract that guarantees a certain income.

YOU are self employed
without much history, put yourself in the bank's shoes: how does it know you will be able to afford your repayments?
how sure is it your business venture will work ?
what you did oversea's might or might not work in the uk (lets assume for absurd argumentative reasons, you were an air conditioning repairman in dubai and made a hell of a living, but in the uk, that will not earn you as much!)

therefore, they need the 3 years annual statements - not for credit history reasons, but to ensure that you are earning enough to afford what you want to borrow.
no more self declared revenues - thank god!
otherwise we would be heading to a new crisis.... god forbid!

Thrugelmir

TCA wrote: »

Does anyone know of any lenders who will accept prior years' undeclared income during periods of non-residency? i.e. income earned whilst overseas.

Unles you going to continue to work for the same people, organisation etc. Then past income has no bearing. As to what you will earn back in the UK.

Get yourself back on the electoral roll as soon as possible. As others have said establish a track record of regular income.

TCA

hamster2013 wrote: »

YOU are self employed
without much history, how sure is it your business venture will work? what you did overseas might or might not work in the uk.

Thrugelmir wrote: »

Unles you going to continue to work for the same people, organisation etc. Then past income has no bearing. As to what you will earn back in the UK.

Get yourself back on the electoral roll as soon as possible. As others have said establish a track record of regular income.

Thanks guys. As it happens the nature of my self-employment hasn't changed since I left the UK, so its been continuous. Just a bit sporadic on the income front unfortunately!

Good advice on the electoral roll. I'll be getting it sorted. Think I'll rent for a while though and re-establish myself here over time so I can make use of the best available mortgage offers.

Cheers for all the replies.