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Self employed mortgage

lfen · 2020-01-12 16:13:53

Hi all, wondering if any of you are happy to share the net profit + salary you disclosed when applying for your mortgage and how much you were approved for? Will be putting application in shortly and suppose I’m just looking for some anecdotal reassurance! Thanks

12-01-2020 4:13pm

#1

lfen

Registered Users, Registered Users 2 Posts: 196 ✭✭

Join Date: November 2010

Posts: 189

Hi all, wondering if any of you are happy to share the net profit + salary you disclosed when applying for your mortgage and how much you were approved for? Will be putting application in shortly and suppose I’m just looking for some anecdotal reassurance! Thanks

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Comments

#2 13-01-2020 2:14pm

Liam D Ferguson

Registered Users, Registered Users 2 Posts: 542 ✭✭✭

Join Date: September 2006

Posts: 532

If you're a sole trader, banks will take an average of three years' net profit and use it as your income. You should be able to get 3.5 x that figure provided that you can show evidence of being able to pay the repayment for the past 6 - 12 months in rent + savings.

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