Self employed mortgage

Rick_Albright

I used payslips on PAYE.

davidwood681

The self employed get treated worse than those with bad credit when it comes to mortgages

ACG

Rick_Albright wrote: »

I used payslips on PAYE.

I know you will have used payslips. You couldnt use anything else because there are no accounts, and thats exactly my point. If you owned the company with less than 1 years trading you could not use PAYE income. So why they have allowed you to transfer ownership knowing it will come straight back to you is beyond me and all of the other qualified people on here.

I just can not for the life of me see how this has gone through. If you would have asked me if this would go through before doing it, I would bet my home, my business, everything I own, my kid, the kitchen sink that it would never in a million years get accepted. That is how surprised I am it has gone through.

kingstreet

davidwood681 wrote: »

The self employed get treated worse than those with bad credit when it comes to mortgages

You can get 90% & 95% high street rates with one year's trading figures.

You seriously think you get the same rates for that kind of LTV after one year with adverse credit?

jp066

We completed last week with a 95% mortgage from Halifax in this exact situation. Partner only had one year of accounts and no previous background in the same industry either. They wanted her SA302 and TYO and next years projections, never wanted to see actual accounts, or our bank accounts come to think of it. We both have squeaky clean credit history though, which was important for this type of mortgage.

jp066

I should add, we used a paid broker who spent a lot of time on our case researching beforehand and advising early on before we were ready to submit our mortgage application.