Self Employed with Permanent Contract

Connoisseurus_Rex

Hi all, just wanted to get some advice/clarification on my situation...

I work for an overseas company and have had a contract with them for full-time work since 2019. However, since they don't have a UK entity, I invoice them each month for a fixed amount. 

I'm at the early stages of speaking to a mortgage broker and it looks like they'd only consider the previous 2 years tax returns. I've had two significant pay increases during that time, so my current salary is nearly 50% more than the 2 year average. That's obviously going to put a dent in what someone would lend us. 

Are the any lenders out there that would look at what the contract says (what I'll earn going forward) rather than my tax returns (what I was earning two years ago)? It feels like a "computer says no" moment and I just wanted to come here for a second opinion.

amnblog

'I'm at the early stages of speaking to a mortgage broker'

Suggest you divert to the latter stages ASAP.

I hope you are paid in GBP and submit a UK Tax Return. Otherwise you have a tricky case here.

Connoisseurus_Rex

@amnblog Started this week and already have an idea of affordability from the best lender they could find us.

Paid in GBP and do my own tax return. It's gutting but I suppose if you're "Self Employed", a lender wants to see your track record of earnings rather than a contract of what you currently earn.