Self Employed & Proof of Income

83GEEGEE

Hello everyone,

I've searched the forum but can't find a specific answer to what I need.

I've been self employed for 2.5yrs, I've submitted one self assessment and have the second one coming up this Dec/Jan.

My partner and I are looking to buy a home, he is employed and everything is simple for him.

I haven't had an accountant and I don't know if I need one for mortgage purposes or not?

What is expected now for a mortgage? Can I use my tax return for this, or does it have to be accounts? I earn around £18,000 a year.

Also, I was declared bankrupt 6 yrs ago, this leaves my credit file in a month or two.

We are looking to buy next year sometime and I have a very good credit rating now and have recently been given a small car finance loan, I have 3 credit cards that are empty. (if any of that helps).

Any advice would be great as I feel like I'm not going to be able to ever get a mortgage..

ACG

You can request SA302 from HMRC, if you get the one for last year and the one your due to submit (afteryou have submitted it) you will effectively have 2 years "accounts".

Some lenders do require 3 years so i would suggest speaking to a broker but it shouldnt be a major problem.

How much deposit are you looking to put down? If your looking at 95% you may struggle.

83GEEGEE

Thanks very much for the reply.

We will be putting down at least a 10% deposit, minimum.

I've just been searching the forums again and came across the SA302, I didn't even realise it existed.

Will my previous bankruptcy be a massive issue for a lender such as Halifax? or should we approach a broker because of this?

Thanks again, it's very helpful.

83GEEGEE

Thanks very much for the reply.

We will be putting down at least a 10% deposit, minimum.

I've just been searching the forums again and came across the SA302, I didn't even realise it existed.

Will my previous bankruptcy be a massive issue for a lender such as Halifax? or should we approach a broker because of this?

Thanks again, it's very helpful.

ACG

Without seeing the whole case its difficult to say.

ACG

Senior_Paper_Monitor wrote: »

Halifax will not accept bankruptcy in the past - however old.

Im not a massive user of Halifax so you may know better than i do, but i have just bee on their site and it says:

Bankruptcies


The Bankruptcy question should be answered as yes if you have had a bankruptcy/IVA or Debt Relief Order within the last 6 years OR still have an outstanding Bankruptcy Restriction Order.

If their stance was to not accept, surely it would say that?

83GEEGEE

So I'm guessing a broker is best then.. do broker's charge a lot? and is it only chargeable if they get a mortgage offer?

Sorry for all the questions..

Senior_Paper_Monitor

Neither do we - they changed criteria end of last/early this year from no mention of bankruptcy in any way, to simply say not accepted.

Have just checked to quote from the intermediary site as you did and now see it appears to be a 6 year limit (hence have removed my post).

83GEEGEE

Thanks guys, so Halifax isn't off the menu then, that's good I guess, but hopefully there will be other options too.

ACG

Things change, its difficult to keep up sometimes. Rather than try to keep up with changes i just end up checking on each application that has something out of the ordinary.

Some brokers do charge, some dont. I would say avoid estate agent based brokers as theyre generally not as good. Some also charge upfront, others charge on completion or offer.

kingstreet

Senior_Paper_Monitor wrote: »

Neither do we - they changed criteria end of last/early this from no mention of bankruptcy in any way, to simply say not accepted.

Have just checked to quote from the intermediary site as you did and now see it appears to be a 6 year limit (hence have removed my post).

If you're on their email list, look back to 19 September. I remarked on it in a post by "Alan Partridge."

I'll have a look for it.