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Self Employed for 1 Year: Mortgage Advice
userdefinable
Posts: 302 Forumite
A friend left the army over a year ago and works as a contractor in IT. For tax reasons he has a Ltd company and pays himself minimum wage + dividends.
He has a good income and has been working at the same place for over a year. He's also in a region with lots of contract job opportunities in his field. He has a 15% deposit, and would want to borrow 4.5 times his income (minimum wage + dividends minus expenses).
It seems that high street banks require 2 or 3 years of accounts.
I believe there are brokers which may be able to source mortgages with just one year of accounts (possibly with a terrible rate?). Any advice please? Anyone in a similar situation who found a good solution, or a high street bank which would look at their situation?
thanks
He has a good income and has been working at the same place for over a year. He's also in a region with lots of contract job opportunities in his field. He has a 15% deposit, and would want to borrow 4.5 times his income (minimum wage + dividends minus expenses).
It seems that high street banks require 2 or 3 years of accounts.
I believe there are brokers which may be able to source mortgages with just one year of accounts (possibly with a terrible rate?). Any advice please? Anyone in a similar situation who found a good solution, or a high street bank which would look at their situation?
thanks
0
Comments
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Yes, your friend should engage a mortgage broker who will be able to manage this.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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