Mortgage question - proof of earnings for the self employed?
Sunday, July 19th, 2009 at
4:53 pm
Quick House Sale
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Tagged with: Earnings • Self Employed • Slips
Filed under: flat mortgage
How about your tax return?
They accept your tax return.
You would have almost a full years tax return if you started your business in Feb. You might have a hard time finding a lender to give you a Mortgage since you don’t have much income history. Call a Mortgage broker, he/she would be your best bet in finding a lender.
use your tax return for your gross profit, if not acceptable show all your bank details ins and outs with all expenditure/ spread sheets.
show the lender that you have good cash flow as well as a good profit within the buisness show the lender that you are not a risk to them give them all the info they ask for,all else fails get a morgage with you buisness bank as you allready have dealings with them.
Why don’t you try a self-certified mortgage? Other than that I would ask the bank what acceptable proof could be presented in your circumstances. I’m sure you wont be the first self-employed person who has asked them for a mortgage.
Do you use an accountant as some mortgage lenders will just ask for an accountants reference, other than that they may ask for copies of your business accounts, they usually want 2 years accounts or if you have been in continuous employment before being self employed that will help. Speak to an independent mortgage broker for advice (this should be free).