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Mortage for Sole Trader

  • 04-02-2014 5:19pm
    #1
    dubbie82
    Registered Users, Registered Users 2 Posts: 136 ✭✭


    Hi

    Please mods feel free to move if I posted in the wrong section.

    I am looking for a bit of advice regarding getting a mortgage>

    I am 32, single, no dependents, no debts and no credits. I am supporting myself since I am 16 also paying rent since then and never used any state support or benefits.

    I am now getting to a point where I am to frustrated with paying rents after a 25% increase in my rent and another string of unsolved issues. I paid between 600 and now 750 Euro a month in rents.

    I am a sole trader, tour guide by profession which makes the whole mortgage application process even more complicated as I don't have a monthly income but rather a very good income during summer and probably 2 months without any work. ON the plus side I don't have any business expenses.

    I am looking to buy a 2 bd apartment in the Dublin city area as owner-occupier realisticly looking at 150k at the moment to get something decent.

    I don't have family for support or someone to co-sign. Is there hope or am I just kidding myself. I would really appreciate advise on that. Thank you.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    dubbie82 wrote: »
    Hi

    Please mods feel free to move if I posted in the wrong section.

    I am looking for a bit of advice regarding getting a mortgage>

    I am 32, single, no dependents, no debts and no credits. I am supporting myself since I am 16 also paying rent since then and never used any state support or benefits.

    I am now getting to a point where I am to frustrated with paying rents after a 25% increase in my rent and another string of unsolved issues. I paid between 600 and now 750 Euro a month in rents.

    I am a sole trader, tour guide by profession which makes the whole mortgage application process even more complicated as I don't have a monthly income but rather a very good income during summer and probably 2 months without any work. ON the plus side I don't have any business expenses.

    I am looking to buy a 2 bd apartment in the Dublin city area as owner-occupier realisticly looking at 150k at the moment to get something decent.

    I don't have family for support or someone to co-sign. Is there hope or am I just kidding myself. I would really appreciate advise on that. Thank you.

    You would need to have accounts for a number of years (prob a min of 3 years) to show the bank your earnings. I presume you have an accountant who sorts out this end of things possibly.

    It is a tough sell to the bank as you are in a seemingly turbulent industry which can vary wildly based on a number of circumstances so the bank would have some obvious concerns. The best thing you can do is show them enough info to alleviate these concerns.

    As to whether you are kidding yourself, this depends on how well your business is run by you, what you earn, how secure it is for the industry you are in.


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