Mortgage advice for the self-employed!

[Laquila]

I work part-time (standard perm contract) and my husband is self-employed. Long story short, we won't be able to get a reasonable mortgage until after the end of this tax year, when he will have earned a lot more than in y/e 13 and 14.

Given that I don't think his actual tax return will be prepared by his accountants for a while yet, what proof of earnings will mortgage lenders accept? He issues invoices for all his work, but is sometimes paid in cash so not as simple a showing all credits to his bank account. And his invoices obviously wouldn't show what his net profit would be, just his turnover. Do we have to wait until his tax returns submitted?

Any advice gratefully received :)

Look up London & Country. On the advise of people on here, we managed to get a good mortgage with them, and exchanged last week! My partner is self employed and it wasn't a problem.

That's good to know, Georgina - thank you! Did your partner use tax returns as proof of earnings?

We've used SA302s, which are the document that HMRC sends back to you to acknowledge your tax return.

If you haven't got as far as a few year's tax returns, you might need to get the accountants to prepare something - I do our books, but if you have an accountant anyway that might not be too much hassle.

I think he did use tax returns, and I think L&C dealt directly with his accountant too. We did have to send proof of everything it seemed! They were really helpful. DP has only been self employed for just under three years too.

Our brokers managed to get our lender (Natwest) to use our company turnover and profits rather than an SA302. Only two years worth as well! We completed our purchase 4 weeks ago. PM if you would like the brokers details.

One time, our mortgage lender wouldn't take my income (PhD stipend) into account, so they were basing it all on DH's income, and so it was a bit close to the wire (not from our POV, but from theirs). That lender wanted to see bank statements, to prove that work hadn't dried up.

This is all very useful, thanks all. im going to give my husbands accountants a call and get their perspective too.

My husband submitted three years of accounts (well his accountant did anyway) my salary wasn't needed for the amount we borrowed so didn't bother.

london & country did mine! they're great - if anyone wants a contact name, pm me and i'll give details (i get £15 m&s vouchers if you take out a mortgage too!, i'm not really that nice - seriously i would recommend (and have) to friends and family as i think they do a good job)

use a contractor specialist broker like contractermortgages.co.uk, Ben @ power mortgages is a a good one two ,couple of my friends used Ben. Another one is Martin @ ASFinancials.I have used another contractor specialist (contractor financials)as I'm self employed but can't recommend them.

I'm self employed and my husband's pay is significantly mostly bonus related - London & Country were great for us too

Just because the accountant normally takes time to do the return, there is no reason it cannot be hurried this year to get the evidence you need