Self Employed Mortgage Application

Situation:

Self Employed 2 Years
10,000 per month in and out of bank account on average
current living expenses 1,500 per month
No current mortgage, assets, debts.
35 years of age

Aim:

Purchase large country house needing some modernising
Cost 500,000 (Mortgage total cost)
Interest only for 5 years
Sell then and collect profit or start repayment mortgage

Questions:

I can afford monthly payments of 2000+, will bank lend on strength of cash flow mentioned above?
I am preparing accounts for revenue this year, does bank require tax clearance certificates?

thank you.

I can afford monthly payments of 2000+, will bank lend on strength of cash flow mentioned above?
I am preparing accounts for revenue this year, does bank require tax clearance certificates?

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I would be surprised if they'd give you a mortgage without accounts, equally I'd be surprised if you'd get one without a tax clearance. The fact that you've no savings would also count against you - where would you get the stamp duty of approx 35k?

Best thing to do is go into the branch where you have your account and speak to the mortgage advisor. They will want to see invoices and bank statements and will want to see that your tax affairs are up to date. My boyfriend (self-employed) and I (not self-employed) were recently approved for a mortgage by AIB doing just that

wickeddog,

sounds like you would be better off using a discount broker to advise and prepare your loan app, and you might get a kickback of some commission !

Try this link :



Pacman