My husband is self employed. has been for 18months ish. I work full time.
We are looking to move house, he has estimated his gross. will they go on that or has he got to have been self employed for a while.
if that makes any sense.??

Originally posted by beth29
My husband is self employed. has been for 18months ish. I work full time.
We are looking to move house, he has estimated his gross. will they go on that or has he got to have been self employed for a while.
if that makes any sense.??
I understand it gets calculated on what you pay tax on. Although his gross may be one figure, what he actually pays tax on could be a whole lot different due to stuff you can write off or claim back on..but I could be wrong

Depends on how much you want to borrow. If you can keep the amount you are borrowing to less than 75% (%age varies with lender but usually aorund this figure) of the value of the property then you could get a self certification mortgage. Basically some lenders will offer you quite a realisitic amount, some will almost give you what you want! We are self employed and did this last year. Once you have found a lender that does them it's quite easy. Ours is from the Coventry Building Society so there's no need to go Mafia Lending !!!!!

I have sent our building society info. amounts of our gross. we are just basically curious as to how much we can buy a house for. well I am.

if u do need help i can refer an excellent ifa who will source the best mortgage free of charge.

Most high street lenders want a min of 2 years accounts with a projection or three years. Dont despair though. Your current lender may be flexable if your loan to value is low and your budget is not over stretched.

Lender will go on your husband NET profit.

If none of these work then you may have to self cert for a couple of years. All this is the lender wanting to know you can afford the loan and you are not committing fraud, so an accountants letter would normally be sufficent. Only problem is you can only borrow upto 85% (normally).

Self cert rates aren't that expensive nowadays.

Good luck

Touch wood. he has been working non stop since going on his own. he is a electrician. his accountant should have got some good figures!
but what you are saying is slightly concerning me. are you saying we could not get what we want straight away. moving house.? it could be more than 2 years he has been on his own, am not sure.

If you do a self certification mortgage it goes more on loan to debt ratio and whether you can afford the repayments out of current income. We've done self certification a few times both for moving and for a remortgage, never had any trouble. talk to your accountant as well as the mortgage company. Check with your existing lender first they may be keen to hang onto your business if you have a good track record. There's no reason why it should take any longer than a normal application.

Hi. thanks for all your messages. I have hada email this morning re. from Building society about mortgage. they want 3 years of my husbands accounts. he has only been doing it 15 months. what can we do?
I am not sure how long we have been with this present building society to leave, if we cant get what we want, or anything.
do you think we should see a financial advisor to help us out if need be..... ??
any advice appreciated.

At last
I have a answer from Building Society, I am not happy with the answer they have gave us, they will give us 80k.
which isnt worth it. we have seen a house for £170k. we would like.
so really p****d off. we will find another motgage if they cant help us out.
but will have to find if we have to pay anything to leave.

Had a reply from my mortgage company basically saying they cant help us anymore.
& I think we have worked out to leave that mortgage, we might be wrong but we have worked it out to £800.
a joke.
so cant do anything!!
anyone suggest anything?????

You'll have to go down self cert route

Originally posted by beth29
At last
I have a answer from Building Society, I am not happy with the answer they have gave us, they will give us 80k.
which isnt worth it. we have seen a house for £170k. we would like.
so really p****d off. we will find another motgage if they cant help us out.
but will have to find if we have to pay anything to leave.

does this mean that you already have a mortgage with them? And they'll only give you another 80k on top of that?

self cert route which is?
and how does that work?
We had worked it out 80k
but just had email and is now 2000k. with fees and deeds about nearly 3000.k
and stuck with I think for 5 years, this is our 2nd year.
g o d.

I take it you mean £200k and £300k not £2 million and £3 million ;)

2 thousand pound. to move. build., society.
which is a lot!!
so cant do anything!!

Maybe i'm just being a bit dense, but I didn't realise originally that you already had a mortgage.

Is it 80k extra that they offered you?

I know that 2k isn't a small amount of money, but if it's insurmountable are you really sure that you could afford to service a larger mortgage?

We could pay double the mortgage. as the only other thing we pay for is the car, which we stop paying in march 06.
The problem is my husband has been self employed 18 months ish.
We payed 53 thousand for the house we have got and we have seen a house for 170. thousand. we could afford it. we should get for our house £110.
not had it valued yet but shoud get that. could we take a smaller mortgage as well.to pay for the extra or get a loan??
or is that being a bit silly??
The annoying thing is we know we can afford it.