Problem getting self employed mortgage

samson1313

dktreesea wrote: »

Well, what have you made profit wise this year? Can you delay some stock purchases in the next six weeks and bring your annual income up to, say, £15k for the current 2013/14 year? That would bring the amount you could borrow up to around £60k, with little or no income tax impact.

Thats a good suggestion it will mean me having to get all my paperwork sorted over the next month or so and put my return in straight away on the 6th of april but this can be done, my turnover has been a lot higher this year anyway but i have also spent quite a bit on stock but i could not put some of my costs in meaning i'd pay more tax but at least my net would show a lot higher and i should be able to get the mortgage i want, there are a few properties in auction in march that i'm interested in anyway so unless i get lucky at the auction waiting a few more weeks till after april 6th wont make any difference!

Yorkie1

matt1234 wrote: »

I have just read on another property forum that if you rent out one room to a friend/family member and can produce an AST then this will satisfy the BTL T+Cs.

I don't know if this is true so do your own research.

If you remain in residence then they are a lodger, and an AST is of no relevance whatsoever. An AST only applies if the LL has completely moved out and does not intend to live there while the property has the tenant in residence.

The point of a BTL is that you are not resident at all. The lender would quickly work out that you are indeed resident, not least because that would remain your correspondence address /electoral roll etc.