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self employed vs employed
Healthnut.2012
Posts: 7 Forumite
Hi
Not finding any relevant help. I am self employed and employed but only recently as returned to the UK in last 18 months so need to build up cash for deposit and history. However I am just considering leaving the employed part time position on PAYE for being fully self employed. Can any one point me in the right direction for help as to whether it is best to stay in my 10hrs a week employed position for another 18months for the status of applying for a mortgage then or wont it make any difference if I go fully self employed. I have no books yet so if the 3 years is mandatory it will be another 3 years before I can apply for a mortgage. I am saving like mad for the deposit but not sure that counts, we rent at the moment and that is £1200 a month plus bill whereas a mortgage will be about £800 a month for the same house. Thanks
Not finding any relevant help. I am self employed and employed but only recently as returned to the UK in last 18 months so need to build up cash for deposit and history. However I am just considering leaving the employed part time position on PAYE for being fully self employed. Can any one point me in the right direction for help as to whether it is best to stay in my 10hrs a week employed position for another 18months for the status of applying for a mortgage then or wont it make any difference if I go fully self employed. I have no books yet so if the 3 years is mandatory it will be another 3 years before I can apply for a mortgage. I am saving like mad for the deposit but not sure that counts, we rent at the moment and that is £1200 a month plus bill whereas a mortgage will be about £800 a month for the same house. Thanks
[FONT=georgia, bookman old style, palatino linotype, book antiqua, palatino, trebuchet ms, helvetica, garamond, sans-serif, arial, verdana, avante garde, century gothic, comic sans ms, times, times new roman, serif]When diet is wrong medicine is of no use.
When diet is correct medicine is of no need.
~Ayurvedic Proverb[/FONT]
When diet is correct medicine is of no need.
~Ayurvedic Proverb[/FONT]
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Comments
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I'm not sure how going full time self employed would necessarily help you get a mortgage.
All that matters as far as income goes is 1) how much you have and 2) if you meet a lenders eligibility criteria for the income to be counted towards affordability checks.
Different lenders will have different criteria for self employed income but it's likely you will need at least a few years accounts. However, the best person to answer this question would be a mortgage broker. There are plenty on here who should be able to give you some general advice on whether there are many options for you.
It might be that you do have some options but your choice will be very limited.0 -
Some lenders accept 2 years of accounts. I'm not sure if any accept 1 year of accounts. A mortgage broker should be able to tell you though.0
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If you don't have a long enough history of accounts from your self-employed activities to satisfy a lender, I'm not sure that the verifiable income from a 10hr p/t job alone is going to be sufficient.0
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