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ways to raise extra mortgage when self employed?

(8 Posts)
utopian99 Sun 12-May-13 15:44:29

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..

CajaDeLaMemoria Sun 12-May-13 15:47:23

Are you applying for jobs?

Most work from home jobs are self employed, not salaried. To get a work from home job that is salaried, you'd need to go to interview and then suggest working from home. It could take a while to get someone who will accept straight away.

Would shop work or something pay well enough? You could pick how many hours you wanted, then.

AvrilPoisson Sun 12-May-13 22:31:12

You don't need to be a company to have your income count towards the mortgage- you can use SA80s (I think that;s the corect name, the HMRC forms that state how much you've earned, from your tax returns), or your accounts (if you have an accountant).

It helps if you have a 20-25% deposit too.

utopian99 Mon 13-May-13 02:01:43

Thanks; we do have a 25%+ deposit, and were trying to do it on dh's salary as my side of things is obviously more varied anyway, but in the area we're looking just an extra bit would make a big difference..

Didn't know about sa80s though, that would be a huge help.
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And will also look for shop work type things, if I can be selective about hours. It sounds reckless getting a 'job' only for long enough to justify borrowing, but annually my self employed/side stuff does bring in a fair bit, just not in an easy way the banks like.

flow4 Mon 13-May-13 07:09:37

By the time you've got, and been in, a job with an employer long enough for it to count, you should have been running your architectural practice long enough too. Remember there's a recession on, and jobs can be tricky to find!

Also, some mortgage providers don't accept self employed income, but others do - you need to work out which... A broker will help you if you have one.

LadyKooKoo Mon 13-May-13 08:45:30

Some banks will take rental income from property into account. Our mortgage is with Lloyds (taken out in March) and they took into account 50% of the rental income we receive.

utopian99 Mon 13-May-13 14:22:03

thanks, that's good to know. Our current IFA who has always been great and got around all sorts of hurdles had said they won't take rental into account but that' obviously not 100% accurate then!!

LadyKooKoo Mon 13-May-13 15:52:29

Nope, they are wrong! I have a friend who moved last August and her rental income was taken into account too (I think she is either with Halifax or Nationwide). Our old mortgage (on the old house) was with Ipswich Building Society and they also would have taken 50% of the rental income into account had we gone with them.

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