How many years of accounts will I need to get a mortgage if I am self employed?
I am looking to become self employed but will want to upsize my house in a couple of years time. With the imminent withdrawal of self certification mortgages, will it be difficult for me to get a mortgage? How many years accounts will I need to be able to provide? I am married, but my husband has a very poor credit history so the mortgage will be mine alone.
Personal Finance - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
For the past few years it has been 3 years of audited accounts and you will need to be seen to be making a profit no matter how small.
Answer 2 :
it's usually 2 years but sometimes less depending on how much you want to borrow
Answer 3 :
a financial advisor will self certify you if you are self employed. so you dont need to show your accounts.
Answer 4 :
Yes, it will be difficult (self-certification mortgages from the major lenders was withdrawn over a year ago, it's 'Interest Only' deals that are now disappearing) You will need to show 2 - 3 years certified accounts (or your Tax Returns) and the Mortgage will be based on some multiple of your pre-tax income (i.e the profits) .. Be aware that, it is HIGHLY UNLIKELY that you will make ANY profit in the first 2 or 3 years of running a Business as self-employed UNLESS you are working as some sort of highly paid Consultant etc.
Read more other entries :
