Self Employed - What's the best way to go?

Robert_S_2

Hi guys, hope someone could shed some light for me.

I'm an freelance IT consultant and run my own small business and have done for over 2 years now, fairly successfully, earning 75k upwards.

For the past couple of years i've just been cruising along, paying off debt and trying to get myself sorted.

What sort of mortgage should i be looking at? Self certificate? How do these work and what sort of deposit do i need?

I haven't spoken to a mortgage advisor and i guess this is my next step but i thought i'd log on quick and ask here.

Thanks for any advice.

Dan_Collins_2

Well it depends, if you can prove your last two years income you could get 100%, however rates are high and you would have no equity in your home.

A 10% deposit would be good but again if you can prove your income 5% deposit would be better than none. If you cant prove because of how long you have been trading then self cert is possible, you will need 10% but 15% may get you a better deal. Get your self a local broker.

herbiesjp

You can get by with one years full accounts and a projection for year 2 with some lenders in order to obtain standard rates

Robert_S_2

Thanks Dan, that's given me something to think about.