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Possible to get a Mortgage with <1 year Self Employed

  • 05-01-2021 7:14am
    #1
    social.lite
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi,

    I'm looking at getting a mortgage but I'm not sure if it's possible.
    I'm a first time buyer. I have ~40k in savings and I'm self employed since last April. I was away travelling for a year before that. I'm earning approx ~55k.

    Mortgage calculators tell me I could maybe get ~€210k in the mortgage.

    On the websites for a couple of banks, they say they want the most 2 - 3 years of financial reports / tax declarations if self employed.

    In that case I can just return all my financial reports/ tax stuff for the past 7 months? Or is it an absolute minimum of 2 - 3 years that you have to be self employed?

    I plan on ringing a couple of brokers today but I figured I'd ask here first.

    Cheers

    EDIT: Sorry Mods I didnt see the megathread, feel free to delete.


Comments

  • #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,549 Mod ✭✭✭✭johnnyskeleton


    You need 2 years of returns Im afraid which means at least 2 years before you can get a mortgage.


  • #3
    social.lite
    Registered Users, Registered Users 2 Posts: 26 ✭social.lite


    johnnyskeleton wrote: »
    You need 2 years of returns Im afraid which means at least 2 years before you can get a mortgage.

    Ok, thanks for your reply!


  • #4
    billybonkers
    Registered Users, Registered Users 2 Posts: 2,293 ✭✭✭billybonkers


    Get onto a broker, some of them will be specialists in dealing with self employed people


  • #5
    social.lite
    Registered Users, Registered Users 2 Posts: 26 ✭social.lite


    For a way around the 2 year wait, would it be as simple as this?

    Form a company in friends name.

    Employ myself full time from his company.

    Provide 3 months payslips after 3 months


  • #6
    spakman
    Registered Users, Registered Users 2 Posts: 1,176 ✭✭✭spakman


    You're getting into v dodgy territory setting up a company in a friends name. not worth it imo for the sake of renting for another year.


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  • #7
    thomas 123
    Registered Users, Registered Users 2 Posts: 2,900 ✭✭✭thomas 123


    social.lite wrote: »
    For a way around the 2 year wait, would it be as simple as this?

    Form a company in friends name.

    Employ myself full time from his company.

    Provide 3 months payslips after 3 months

    Think they will ask for 6 months and a letter from
    your employer which if found out would be considered fraud. Best off focusing on making bank, maybe consider buying a site in the meantime with your savings as this can be used as a deposit right?


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