Getting a mortgage without proof of income?

bower1981

Hi,
I run my own business but it is a relatively new company- how do I go about getting a mortgage when I don't get paid by anyone? I take a set amount every month as a wage, but it's not processed through paye.
I looked at self employed ppl and they have to prove their income for the last 3 years.. I can't find any info on my situation but I certainly don't want to wait 3 years, and I don't have enough to buy a property outright.

DevCoder

You will need at least 3 years of accounts if you are self employed, you are the same as director of a company.
Some lenders will also want the 3 years accounts audited.

Yorkie1

There are some lenders who will use fewer than 3 years' accounts / SA302, but a broker would be best.

You will need 1 year's accounts at the very least, and 2 years would be advisable instead - but 3 years gives you maximum range of lenders.

The days of self-cert are long gone.

_Andy_

bower1981 wrote: »

Hi,
I run my own business but it is a relatively new company- how do I go about getting a mortgage when I don't get paid by anyone? I take a set amount every month as a wage, but it's not processed through paye.
I looked at self employed ppl and they have to prove their income for the last 3 years.. I can't find any info on my situation but I certainly don't want to wait 3 years, and I don't have enough to buy a property outright.

How new is 'relatively new'?

Thrugelmir

bower1981 wrote: »

I can't find any info on my situation but I certainly don't want to wait 3 years, and I don't have enough to buy a property outright.

Then I suggest you make your business a success by working 24/7. As fairy lenders waving magic wands are in short supply these days.

ACG

How much deposit (as a percentage) do you have?

Its possible to get a mortgage with 1 years accounts if the deposit is big enough.