Self employed mortgage?

Bmwm3gt2

Hi, can anyone help please. Both myself and my partner are s/e chauffer driver. Do the banks need 2 or 3 years of accounts/tax returns and do they take the average to calculate what they will lend you? Also we both have business loans that were used to fund our cars, as these are business loans do they still count as a personal monthly expense or not? If so would it still be the same if we leased cars? We are both sole traders. Thanks

steeeb

Most need 3 years some 2. Some take average some take last year if its increasing. Engage a good all of market local broker itll be worth it or be prepafed to disclose a lot of financial information on a public forum and recieve inaccurate unhelpful replies.

Most brokers work on a fee on completion so worth seeing one anyway.

Bmwm3gt2

Thank you. We won't be in a position to purchase a house for another year or so but I was wondering how they calculated the amount you can mortgage and if we are better settling the loans and leasing cars. Finally as we are both s/e would we need a larger deposit?

ACG

Some lenders will work off one years accounts.
If the loans are business loans, some lenders will ignore them - but you may need to evidence they were taken out for business purposes.

Thrugelmir

A lease is still a contractual liability. If you had no income for any reason. You'd still have to pay for it for the duration of the term.