Mortgage for Self Employed & How to Prove Income - Help

BlueberryB

Thank you very much for the info kingstreet. Do you have to have deposit in hand for making full application? When does it get handed over?

Would you mind if I was awfully bad and PMd you my husband and I's financial situation and advise on the credit history I am making myself ill over or if I am worrying over nothing major? It's just I don't really understand how someone who has been bankrupt or have DMPs CCJs and the likes and still be successful in obtaining a mortgage but someone like me who has mucked up a little years ago before I met dh and was a single parent is severally struggling :-/

amnblog

bobwilson wrote: »

Anyone in this forum who disagrees either doesn't understand accounting, HMRC's rules, or the purpose of a mortgage lender. The fact that you don't understand doesn't change the truth. I'd be surprised if there are many (if ANY) accountants who will tell you otherwise. SA302s do not represent income.

You may not like the answer Bob but GMS is 100% right.

Lenders today use the figures on the SA302's as your income as a sole trader. [The line listed Profit from self-employment]

We could argue the toss on here all day, but that is what they do.

If your 'Profit from self-employment' is too low for the lending you require now, but you can evidence why is it going to be much higher in the next trading years there may be some specialised lending options available through a good broker.

Take it from me - I deal with self-employed mortgages all day every day.

kingstreet

BlueberryB wrote: »

Would you mind if I was awfully bad and PMd you my husband and I's financial situation

I suggest you find a broker near you from a family or friend's recommendation.

At the moment I'm struggling to cope with paying customer business and we don't work on a non-face to face basis.

Sorry.

BlueberryB

kingstreet wrote: »

I suggest you find a broker near you from a family or friend's recommendation.

At the moment I'm struggling to cope with paying customer business and we don't work on a non-face to face basis.

Sorry.

That's ok kingstreet! I have approached another advisor this week from the recommendation of the builder, I faxed all documents to her on Friday so just waiting to see what she comes back with now. I just wanted re-assurance really that people like ourselves can be successful in obtaining a mortgage even with the default.

The first advisor was not interested as we only had one year SA302 then the other I went to wanted nothing to do with H2B-EL so hoping this lady will manage, as she has done a few applications on the scheme already so knows all about it! we will wait until atleast April till we apply for AIP as we need another compete year.

Thanks again, can't say how helpful you have been