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Newly self employed how long before mortgage?
philng
Posts: 835 Forumite
My daughter and boyfriend have been working in his family business since Feb 2019 with a view to taking over from his father shortly.
The business is an established printing business with profits around £50k.
How long would it be before they would be considered for a mortgage to buy a house?
The business has been running for over 20 years.
The business is an established printing business with profits around £50k.
How long would it be before they would be considered for a mortgage to buy a house?
The business has been running for over 20 years.
0
Comments
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Normally you have to have three years filed accounts before they will even consider0
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My daughter and boyfriend have been working in his family business since Feb 2019 with a view to taking over from his father shortly.
The business is an established printing business with profits around £50k.
How long would it be before they would be considered for a mortgage to buy a house?
The business has been running for over 20 years.
Ignore the person above. They will need at least 1 year of personal accounts if they are self employed. 2 ideally. very very few need 3
Are they shareholders at the moment? or PAYE?0 -
Almost all the high street lenders require atleast 2 years SA302s (personal tax returns). The affordability is calculated based on salary + dividends (some lenders use net profits instead of dividends).
However, there are lenders that accept only 1 year's SA302s.0 -
Just to add, they can submit their tax returns as soon as current financial year ends on 5th April. That way they will have 2019-2020 SA302s and should be able to apply for a mortgage.0
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^^ This ^^Deleted_User wrote: »Are they shareholders at the moment? or PAYE?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Currently PAYE on lowish pay but will move to shareholders from around end of November when they take over ownership of the business.0
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