Moving house but self employed.
Discussion
Me and my wife want to move house this year but my decision to go self employed might make it more difficult.
My wife works for the civil service so is fine. We would have around £180000 deposit on a £350 -400000 house. Both of our credit history's are almost perfect. We can also easily afford the repayments over my preferred time of 15 years.
I work as a salesman. I have a regular round so to speak and chose to go self employed instead of employed because I could earn a higher comission rate. It is also more tax efficient.
I have been doing this for 18 months and have steadily improved my regular weekly comissions. My issue is that I will only have one full year of accounts. I can show from my business account that my wages go in every week the same as they would if I was employed, minus the tax deductions.
Are there any mortgage/financial people on here who could advise ?
My wife works for the civil service so is fine. We would have around £180000 deposit on a £350 -400000 house. Both of our credit history's are almost perfect. We can also easily afford the repayments over my preferred time of 15 years.
I work as a salesman. I have a regular round so to speak and chose to go self employed instead of employed because I could earn a higher comission rate. It is also more tax efficient.
I have been doing this for 18 months and have steadily improved my regular weekly comissions. My issue is that I will only have one full year of accounts. I can show from my business account that my wages go in every week the same as they would if I was employed, minus the tax deductions.
Are there any mortgage/financial people on here who could advise ?
I also want to move and became self employed last year. First year accounts are complete and just finished my self assment. Which lenders would you suggest? Or even a broker that looks after self employed applications.
Silly question but I'm currently with Natwest, Everywhere I look on there website say they need 2 years of accounts, Would they be open to porting the mortgage?
Silly question but I'm currently with Natwest, Everywhere I look on there website say they need 2 years of accounts, Would they be open to porting the mortgage?
pacenotes said:
I also want to move and became self employed last year. First year accounts are complete and just finished my self assment. Which lenders would you suggest? Or even a broker that looks after self employed applications.
Silly question but I'm currently with Natwest, Everywhere I look on there website say they need 2 years of accounts, Would they be open to porting the mortgage?
Natwest won't port your mortgage, until you have two years HMRC history.Silly question but I'm currently with Natwest, Everywhere I look on there website say they need 2 years of accounts, Would they be open to porting the mortgage?
I can help if you want to drop me a line for a chat......
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