Me self employed carpenter, not great official income
Wife, head teacher fairly good wage
What's our options, are there special self employed mortgages or just go down the usual route of banks etc?
Speak to a broker. A lot of the non high street lenders are better at dealing with the self employed than a high street bank. Some will work from just the latest years figures and some will do other weird and wonderful things.
Make sure whoever you speak to is whole of market (like myself) as a lot of brokers work from a limited panel. You shouldn't need to pay anything for the initial consultation.
Email me - depending on where you are the guy I use can help.
not great official income
Use all the undeclared and untaxed income to pay a big deposit.
Problem solved. 😉
I was speaking to Santander earlier this week regarding a mortgage and as a self-employed contractor they gave me a provisional figure after giving them the details from my latest SA302 tax caculation.
I hope you get it sorted.
yeah, find a good broker. they usually know a lot more providers and understand your accounts better than the high street. its just a simpler conversation.
I work in mortgages, amazing the amount of self employed people who earn around the income tax threshold. Take the rough with the smooth.
Do a google search for 'mortgages for self employed or contractors' and plenty of brokers will come up. I did it this way about 5 years ago when I was looking. All the high street brokers and backs weren't interested but I found something pretty easily in the end and not expensive.
http://www.contractormoney.com - I used these guys.
Self cert mortgages were all the rage for s/e workers, but the credit crunch wiped the whole lot out in a matter of weeks, I know as I was half way though an application and the product got pulled.
Good luck if you wanting more than your official income would allow.
Can you mortgage what you want on just your other half's income?
not great official income
As a self employed carpenter I guess you can make your own bed, but now I suspect you might have to lie in it 😉
As above use a broker. You are still pretty restricted to a multiple of what is shown on your sa302. Most banks will then stress test a around 7.5% to see if you can still afford it. What you need to do to borrow more is plan in advance, boost your income for a year or so as required, pay the extra tax and get a higher figure on your sa302. If you want a low tax bill you generally have to just suck up the small mortgage option but a good broker can definitely help a bit.