Self Employed - Mortgage Rejection

J.F

Hello,

I'm 23 and a self employed forex trader. I've been doing it for 2 years with consistent profits, certainly enough to make a good living on. I've applied for a mortgage to buy my first home and I've been rejected by 4 different banks. Apparently being self employed, specifically in stocks / forex is considered high risk and therefore I am a high risk client.

I was told that I would need at least 3 - 5 years of income history for them to consider giving me a mortgage. I am asking for quite a large mortgage but my portfolio history proves I am a successful trader.

Has anyone else run into the same problems? I don't know how I can sway the bank to give me a mortgage. The only real asset of value I have is my car but that doesn't even come close to covering the value of the mortgage. 5 years of proven income sounds ridiculous, is this normal for self employed individuals?

Loupopple

Hi, I'm a FTB so certainly no expert but we're in the process of applying for a mortgage, and found Santander to be helpful, we've just got two years of books as a limited company, but have been in the same business for longer.

You may be right, it might be the nature of the business you're in, or perhaps they'd like a larger deposit, but if you haven't approached Sanatander might be worth a try, go in-branch though rather than over the phone. Good luck

J.F

Thanks. I'll see what they can do for me.