Self employed

Lee_S_2

Hi,

Can anyone point me in the direction of a good mortgage adviser who can deal with self employed. Been on Google but would rather have some recommendations if possible.

Thanks

angelsmomma

It might be an idea to say where you are.

Lee_S_2

Ah yes sorry.

Am near Bradford in West Yorkshire

kingstreet

All advisors/brokers.

Being self-employed is not an issue.

How long you have been self-employed will influence which lenders can be used and the amount of declared net profit on your SA302s or accounts will determine how much you can borrow.

Deposit and credit history will bring up the rear on lender/amount possibilities.

ACG

Do you have any friends or family who can recommend someone?
I tend to use freeindex.co.uk when looking for tradesmen the reviews may be done by family or friends so take them with a pinch of salt but you might find one who stands out?

angelsmomma

I use someone based in Nelson if you are interested, don't know how far from there you are though.

Lee_S_2

kingstreet wrote: »

All advisors/brokers.

Being self-employed is not an issue.

How long you have been self-employed will influence which lenders can be used and the amount of declared net profit on your SA302s or accounts will determine how much you can borrow.

Deposit and credit history will bring up the rear on lender/amount possibilities.

Yes its the time spent self employed I have issue with.

I went self employed almost a year ago. My current lender (nationwide) told me wrongly at the time they would consider a years self employment due to me being a current customer. Despite me asking whether they meant 1 Years accounts or 1 years self employment they stated 1 years self employment.

I feel my self employment is quite different to most people. I didn't just start up a business by myself and operate for a year. I joined an existing partnership that has been trading very well for over 80 yrs! However as the accounts run April - April, despite being self employed for almost a year, the books only have me down as 6 months (so they give me a 35% profit share of 6 months only). Nationwide now say this is no good, despite what they (wrongly) said earlier.

My house isn't yet up for sale but with another baby on the way I was keen to get this moving and sorted this year as we have no space. I am also now realising that come next year with only 1 years accounts they may only lend to 75%LTV, I hope this isn't correct as I was hoping for around 84%LTV.

I know there are rules and stuff after what happened in the crash but self employed is proving to be a joke. I would have been better off getting another job for 6 months, getting a mortgage then leaving that job to go self employed the day I got my mortgage through. Just thought it was better to do it and be honest about it but clearly not!

So frustrating

Lee_S_2

angelsmomma wrote: »

I use someone based in Nelson if you are interested, don't know how far from there you are though.

Where is Nelson?

Not sure distance matters too much these days does it?

ACG

at 84% this might be a little tricky - thats not to say its impossible but it will come down to the detail.
80% should be possible with 1 years accounts but this is one for a decent broker (not an estate agent based broker).

Lee_S_2

ACG wrote: »

at 84% this might be a little tricky - thats not to say its impossible but it will come down to the detail.
80% should be possible with 1 years accounts but this is one for a decent broker (not an estate agent based broker).

But I am now guessing after being wrongly told that I don't have 1 years accounts and wont have until april 2014? I only have the 6 months up to April 13?

ACG

I dont know how this would get viewed without speaking to the lenders but it could be that they class the 6 months as 1 year - as technically that years accounts have still been filed - it will just look like your income is half as much as it actually is... whether that is enough to get you what you need would be another question.

Alternatively with the right lender (if im understanding you correctly) you can show 80 years worth of accounts?