Self Employed Mortgage

super125

I am employed but my husband is self employed. i think lenders now need to see 3 years worth of SA302s [please correct me if this is wrong]. Our issue is that whilst he has been self employed in the construction trade for many years he was in fact employed for a one year period during the last 3 years so he will have a p60 to show the income for that period.

He is now working with a firm that he will be with for years and are happy to help with his application in any way they can.

Question: will the lender discount the employed period [p60] and only focus on the SA302s during the last 3 year period?

Annisele

Different lenders have different criteria, and not all lenders require three years of accounts/self assessment forms.

Depending on how much you want to borrow compared to your salary, they may not care about his income at all - but I suspect you do want to use his income to support your application.

I'd suggest you get one of your husband's colleagues to suggest a mortgage broker, then have a chat with that person.

super125

many thanks - it would need to be a joint application as my salary would not provide us with the amount we need.

kingstreet

If he's self-employed but works for only one firm, is he a sub-contractor? Does he invoice the firm he works for each month?

If so, at least one lender will base his income on his last six months invoices.

Albert_Tatlock_2

Halifax were prepared to make me an offer with just 1 year SA

TSB required 3 years but settled for 2 years + Accountant's Certificate to project a further year.

super125

He has been working with the same firm as a site manager for 10 months and as both he and the firm are very happy with the working relationship they have he expects to be there for the foreseeable. He submits his hours to them every month.

His tax return last year was quite pitiful as he was 'employed' during that period too but his pay for the last 10 months has been excellent. We are looking to put down a 15% deposit. We are now considering whether we would be better off waiting until april for his next tax return when we would have a larger deposit. I wonder if we would get much better deals...but then of course we have found property prices are going up around beds/cambs so its a gamble.

kingstreet

Speak to an independent broker who will best be able to plan ahead with you.

Mortgage_Mark_2

Speak to a contractor specialist broker, if he does work on short term contracts.

I've heard many, many, many tales of independent brokers cocking things up thinking they know how/where to place it.