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About to leave my job to run my charity, Can I still get a mortgage?

Preface12
Preface12 Posts: 47 Forumite
Second Anniversary 10 Posts Name Dropper
in Mortgages & endowments
I have a full time job and also recently started a registered charity last year which was my passion. It has been running very succesfully since December as we have been providing huge support to the community. Before starting the charity we were saving up to buy our first home. My plan is to leave my job and concentrate on the charity but not sure how this complicates things with getting a mortgage. Any advise will be much appreciated. Thank you!

Comments

  • K_S
    K_S Posts: 6,910 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @Preface12 I'm assuming the charity will be employing you? Or are you simply an unpaid trustee?

    I am a Mortgage Adviser - 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.

  • Preface12
    Preface12 Posts: 47 Forumite
    Second Anniversary 10 Posts Name Dropper
    I am currently a paid trustee not employed. I do not have an employment contract. I do all the coordination etc and get paid for it
  • K_S
    K_S Posts: 6,910 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Preface12 said:
    I am currently a paid trustee not employed. I do not have an employment contract. I do all the coordination etc and get paid for it
    @preface12 In that case, getting a mortgage on the trustee income (as described) is very unlikely.

    I am a Mortgage Adviser - 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.

  • Preface12
    Preface12 Posts: 47 Forumite
    Second Anniversary 10 Posts Name Dropper
    I see. Thank you very much. I have the option of changing this to a paid truster but I will have to loose some rights. Will that suffice?
  • Preface12
    Preface12 Posts: 47 Forumite
    Second Anniversary 10 Posts Name Dropper
    Wouldn't that count as self employed as I provide services to the charity?

  • K_S
    K_S Posts: 6,910 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @preface12 It may, but it'll depend on the specifics. With a newly self employed role, you can start looking for mortgages once you have the 1st full year accounts under your belt.

    I am a Mortgage Adviser - 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.

  • Preface12
    Preface12 Posts: 47 Forumite
    Second Anniversary 10 Posts Name Dropper
    Thank you very much. I guess I just keep saving and looking into this.
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