1_Litre_Porsche_Beater
Member
Registered: 9th Apr 02
Location: Kent
User status: Offline
|
Speaking to a mortgage advisor next week as im buying my first property after new year. Ive only been self employed for around 2 months and although my business is going well i have been told most lenders won't touch me within my first year possibly two.
Has any one else been in the same position as me??
Is there ways around this such as guarantor's??
Not extremly clued up on mortgages so any help appreciated 
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
I've got my Dad as a guarantor on mine 
|
PainZ
Member
Registered: 28th Jun 02
Location: Camberley, Surrey - Drives a Black Vectra VXR Esta
User status: Offline
|
Guarantor mortgages aint all high,
My rate is at 4.39 fixed for the first period of my mortgage..
As kerry said most lenders would need at least 2-3 yrs statements in their hand etc etc too see your accounts..
|
1_Litre_Porsche_Beater
Member
Registered: 9th Apr 02
Location: Kent
User status: Offline
|
i guess i'll just have to see what they say. Hope it doesn't delay my plans though.
Cheers ppl
|
Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
|
most lenders will want a lagre deposit as well (15-25%) 2 years of good accounts is usually a must.
|
1_Litre_Porsche_Beater
Member
Registered: 9th Apr 02
Location: Kent
User status: Offline
|
deposit isn't a problem, just the lending although my dad has agreed to be guarantor.
|
corsa5dr
Member
Registered: 12th Jan 03
Location: Bath/Bristol - Evo 4 GSR
User status: Offline
|
I have a mortgage and I dont even have a job, got it when I was still a student. Even though it was only for a a £120k flat. Mum and Dad are gurantors
|
Gripe
Member
Registered: 3rd Jul 05
Location: Whitby
User status: Offline
|
quote:
Originally posted by corsa808
most lenders will want a lagre deposit as well (15-25%) 2 years of good accounts is usually a must.
Will they want 2 years accounts even if its an established business? What I mean is I`ve just bought a business and want to move, but I have only been in for 3 months, but the business has been trading for over 20 years. I`ve got the last 3 years accounts from previous owner. 
|
Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
|
yes they will want last 2 years finalised accounts and usually business bank statements too. if you have only owned the company 3 months they will look to see its the same line of work you did when you was employed previously
another tip is underwriters absolutely love electricians for some reason and will practically lend them anything. also they like young professionals e.g solicitors, accountants, vets, doctors, dentists
|
J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
|
Just pay cash in full, it's less fooking about 
|
nickyboy01
Member
Registered: 10th Sep 03
Location: Oxford-ish
User status: Offline
|
I tried for a mortgagd with my brother who is self employed, i wasnt a problem but every lender wanted a minimum of 2 years accounts. Each case will be different tho
|
nik
Member
Registered: 19th Jun 00
User status: Offline
|
I got a mortgage with nationwide no problem, self employed didn't need any guarentee or even to show books but I did put a large deposit down. Will vary from lender to lender but if you have a nice deposit I don't see any problems
|
