Mortgage Application

[cousin_borat]

Is there any point in me even applying for a mortgage yet? I've been self employed since October 2007, sole exective director of a limited company. The company has turned over 30,000 since January 2008. As a contractor the last 3 years I've taken in circa 100k per annum.

Are the high street mortgage providers going to tell me to pi$$ off until I have at least two years company accounts? It was in the back of my mind before starting the company but between so many other things it was pushed to the back of my mind. I really don't want to go with a sub prime lender since I have a perfect credit history and am not going to pay that amount of interest.

 

[LDFerguson]

The company has turned over 30,000 since January 2008. As a contractor the last 3 years I've taken in circa 100k per annum.

Don't you have accounts for your previous three years then? Remember that lenders are only interested in your salary, not your turnover. Are you still contracting now but through a different company?

 

[cousin_borat]

It was actually a Mortgage Broker I spoke to. To be honest I never got as far as discussing that. As soon as she heard I was self employed since last year that was it conversation over.

I have statements for the last few years when I was contracting. Earnings for the last few years have been through various contract positions abroad but always paid into my BOI account at home.

 

[camel]

But do you not have company account for these years to take to the bank?

 

[LDFerguson]

But do you not have company account for these years to take to the bank?

Presumably you were paying tax in some jurisdiction and can therefore prove your income for the last few years. In your current self-employment, are you doing the same sort of work as before?

 

[cousin_borat]

@camel

I've been self employed since October 2007

I was paying Tax in the Netherlands. However the broker said that these were meaningless now since I was self employed since last year.

 

[LDFerguson]

If you can show that you were doing the same type of job for previous years, continuously employed and can prove your income for previous years, you should be able to make a case that current self-employment is a continuation of previous work. That's assuming that you're currently contracting in a self-employed capacity.