Which lenders will loan to self employed people?

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noremac

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Hi

My husband is self employed and I am working part time. I looked into remortgaging last year with a mortgage broker but we never went ahead.

Am I right in thinking that some lenders wont loan to self-employed people? If this is the case which lenders will lend to self-employed people?

Thanks for your help.
 
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It really depends on how long he has been self-employed and whether he can provide audited accounts for his business.
 
Hi
I got a mortgage from B.O.I. I had to get my accountant to supply my accounts for the bank, then full steam ahead

Nicola
 
All banks will lend to self-employed people provided that they can provide at least 2 - 3 years accounts, which show satisfactory income and balance sheet.
 
Thanks for the replies. Thats great.

He has been in business for nearly 4 years and has 3 years accounts. So all I have to do now is starting the search for a mortgage!!

Thanks again.
 
As above the lender will usually ask to see (ideally) the last two years accounts. If you haven't been trading for that time - they'll ask for the last six months or however long you've been trading plus projections for the next 12 months.

Personal circumstances e.g. whether you bank with the lender, savings, LTV etc will also be taken into account.
 
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Hi can anyone tell me if the broker says you passed for a morgage can they then ask you to clear outstanding loans before they fully approve you,we were told last year we were approved but they wanted us to clear nearly 20,000 in loans we had,but we had agreements with the lenders for x amount every week to clear loans,we didn't go ahead with the morgage,if anyone out there knows a good broker that could help us out i would love the name and contact no,thanks
 
The approval may well have been subject to your clearing off the existing debts as the repayments on €20,000 of short-term debt will have an effect on your ability to repay the mortgage. A broker can't change this as ultimately it's the lender who decides to approve or not, and if so what conditions they want.

That said, a good broker will at least be able to shop around different lenders for you.
 
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