Obtaining a mortgage with an SA302

TriggerCut92

Hi,

I have 6 properties I rent out and I have obtained every mortgage with my 9-5 employment payslip

I'm thinking of trying to the property full time as it becomes feasible. I was just wondering how mortgage companies are when you give them an SA302 instead of an actual month to month payslip from an employer when trying to obtain a mortgage

jacobtheamish

I'll assume you have SA302's and payslips because you are employed by a company in which you have some ownership?
If you own >20-25%of the company, then a mortgage lender will view you as self employed and you will have to satisfy the income verification criteria on that basis. Most lenders need evidence of 3 years accounts/sa302's (with overviews), some lenders will work with less than 3 years but other factors need to be considered.

TriggerCut92

jacobtheamish wrote: »

I'll assume you have SA302's and payslips because you are employed by a company in which you have some ownership?
If you own >20-25%of the company, then a mortgage lender will view you as self employed and you will have to satisfy the income verification criteria on that basis. Most lenders need evidence of 3 years accounts/sa302's (with overviews), some lenders will work with less than 3 years but other factors need to be considered.

No, I'm employed by a company doing a completely different job that doesn't relate to property. I have one SA302 so far for last year. Just basically looking to be self employed full time doing property

amnblog

Employed full time done property eliminates many lenders from the equation automatically as they don't like it.


If you do go full time on your property income you need a regular broker to handle the funding for you as it becomes more difficult to place your cases as your 'occupation' changes and you build up your portfolio.

TriggerCut92

amnblog wrote: »

Employed full time done property eliminates many lenders from the equation automatically as they don't like it.


If you do go full time on your property income you need a regular broker to handle the funding for you as it becomes more difficult to place your cases as your 'occupation' changes and you build up your portfolio.

Sorry, not sure what you mean employed full time done properly? Mortgage companies dont like people with full time jobs or?

minimike2

It's not just a case of giving an SA302.

Various other things to consider. Like if you go self employed totally, many lenders have a minimum period of self employment needed. Then they will want to see a number of years of SA302's. This is no issue if you have the right documents and the numbers stack up.

Lastly, and probably the biggest issue for you, is that you will be a professional landlord. Many lenders do not like this and your options would be restricted. Not impossible by any means, but less options for sure.

alchemist.1

TriggerCut92 wrote: »

Sorry, not sure what you mean employed full time done properly? Mortgage companies dont like people with full time jobs or?

Full time self employed in the property business.

Thrugelmir

TriggerCut92 wrote: »

I'm thinking of trying to the property full time as it becomes feasible.

Are all your properties mortgaged?