self employed & mortgage help please

[yellowroses]

I am hoping to start working for myself from home next month as a childminder. I will be doing this above board so to speak by paying my taxes etc. My husband is in full time employment. We are renting a house at the moment but i am just wondering when we are in a better position financially to buy our own house (hopefully in 1 year) how will we go about applying for a mortgage with myself being self employed? what proof will there be of my earnings etc? want to make sure i know exactly what we need to be doing now so there r no surprises in the future! thanks in advance

 

[paddi22]

we looked into this recently and for a self employed business person with a new business they needed two years certified accounts, the woman explained they could possibly accept one years, with proof of futures contracts etc..
themorgagestore.ie has a live chat window where you can ask a persons questions..

 

[dutz]

At present there are 2 options to work with -

1. Start business up and wait for 2 years audited accounts and approach a prime lender

2. Start business up and have one year behind you with either 1 years audited accounts or lodgements into your current account showing your lodgements - in this case you can approach a specialist lender

in regards to option 1 you would avail of the low interest rates but if you went the option 2 you could be hit with high rates and borrowing low ltv -

Either way you will need to start saving those pennies as the days of the 100% mortgage is well and truly gone