We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage for self employed son
kenshaz
Posts: 3,155 Forumite
I would like to put forward for assistance the following.
My son who has recently become self-employed (April) and earns £43000 as a site engineer and requires a mortgage,he would like to know his options and what steps he should take to facilitate that,he has suggested that he would prefer a fixed rate ,but he is not rigid on that .
He has £10000 deposit.
He has also stated that he does not wish to stretch himself ,and would like to maintain a reasonable standard of living.
He needs to know what is available to him and what the payments might be.
Please do not kill the messenger ,he has set me this task.
My son who has recently become self-employed (April) and earns £43000 as a site engineer and requires a mortgage,he would like to know his options and what steps he should take to facilitate that,he has suggested that he would prefer a fixed rate ,but he is not rigid on that .
He has £10000 deposit.
He has also stated that he does not wish to stretch himself ,and would like to maintain a reasonable standard of living.
He needs to know what is available to him and what the payments might be.
Please do not kill the messenger ,he has set me this task.
[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
0
Comments
-
As long as he can provide evidence of his income and has a decent enough credit rating, he will have the pick of any mortgage he likes. I suppose it depends on how much he wishes to borrow?I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Heh, heh, heh, hi kenshaz.
What property values has he got in mind?
Does he have an adverse credit history?
As a self employed person he could apply for up to 95% of the property value.
Post the info and let's have a look
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Heh, heh, heh, hi kenshaz.
What property values has he got in mind?
Does he have an adverse credit history?
As a self employed person he could apply for up to 95% of the property value.
Post the info and let's have a look
JoeK
He does not have an adverse credit record ,not exactly sure what his credit score is.
He keeps telling me that he does not want to stretch himself,he wants to continue to be able to be comfortable and have a social life,he has not found or started looking for a property yet,therefore he has no figure.
I believe that he wants to be fore -armed before he starts looking.
He has suggested that he should go for a little terraced house.[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
HI Ken
Having just gone self employed he may have problems with verification of income with a lot of lenders
First port of call should be his bank, as they will be able to see what kind of cash flow there is on his account and may be able to agree it on that basis
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Where does he live?
A little terraced house in London is about £200,000 and a repayment mortgage for this amount would be in the region of £1288 per month..
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Following your advice he is going to make an appointment with his bank Halifax ,how should he approach the interview.HI Ken
Having just gone self employed he may have problems with verification of income with a lot of lenders
First port of call should be his bank, as they will be able to see what kind of cash flow there is on his account and may be able to agree it on that basis
HTH[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
Before getting them to run the credit search, get him to explain his employment status
Make sure they are happy with his status first - no point in wasting a credit check if he does not fit the criteria of the lender
He should just approach the interview knowing exactly what he wants - find out how much he can borrow and what they would equate in terms of monthly mortgage payments and interest rates.
Going armed with bank statements (personal and business) and a business plan, along with any contracts/jobs he has got signed up will help his cause
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Therefore it would be directly proportional a £100,000 would be £644Where does he live?
A little terraced house in London is about £200,000 and a repayment mortgage for this amount would be in the region of £1288 per month..
JoeK
I am not saying that he could get a house for that ,he lives in Cheshire,but proportionally is that correct?[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0 -
My hubby is self employed and we went to my bank to discuss a mortgage. At that point he had been self employed for 1 year. we got a re mortgage with no problems at all, didn't have to provide any income proof! they did a credit check and was happy to go from that. we are on a fixed rate and borrowed 130k and pay 780.01
kate0 -
Therefore it would be directly proportional a £100,000 would be £644
I am not saying that he could get a house for that ,he lives in Cheshire,but proportionally is that correct?
A £100,000 repayment mortgage @ 6% = £644.30 pm over a 25 year period.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards