getting mortgage when newly self employed?

(4 Posts)
utopian99 Sun 12-May-13 15:41:32

Dh and I have been wondering how to get a bit of extra mortgage to help with the London house hunt, but as I only started my architecture practice late last year and the property development we also do isn't through a company, my income counts for nothing. Does anyone have a suggestion for a salaried job I could do for long enough to use it as proof of income for a mortgage? (3months minimum.) Ideally working part time or from home, only needs to be enough to borrow £50k against..

Talkinpeace Sun 12-May-13 17:33:50

you cant.
3 years of figures minimum
6 months for employed
and if the multiples do not pan out you just have to rent and wait

same as it was before the 1990's insanity started

lovefreelance Mon 13-May-13 05:59:18

Have you spoken to an IFA? I agree that it's much tougher borrowing money now, but in my experience a good IFA will be able to find lenders who look at your financial details/life in different ways to decide if you're a safe bet.

Regarding finding a short term job, do you have any contacts you could freelance for/work short term who may be happy helping you get your mortgage? When I applied for my first mortgage (okay it was a few years ago now!) I was working freelance in my first UK job and had only been there four months. But my (very nice) boss helped me with my application and told the mortgage company I was permanent. They contacted him before approving my loan and he again said that I was a permanent employee - and I got the mortgage.

Good luck! smile

utopian99 Mon 13-May-13 14:20:54

I have wondered about asking my uncle (who has his own architecture practice) if I could do contract work for him but be described as permanent as you say.. Or one of my previous practices; the only issue is if I could do it from home as our son is only 4 months old, but if it's only drawing work then there's no reason not to..

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