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Self-employed & mortgage application

  • 12-01-2022 11:23am
    #1
    Registered Users Posts: 2 Tedddj2022


    Hello everyone! I have a question about applying for a mortgage - I work in a salaried role 3 days a week (though this income is too low to qualify for a mortgage alone) and the remainder of my work I do is on a self-employed basis. I know that some banks will consider self-employed income after 2 years, with the relevant paperwork form a tax accountant. Can anyone advise me who they are? Otherwise, I understand I need to wait until I am 3 years self-employed, and I just can't wait around for another year. I'm getting frustrated, as I have a relatively good downpayment and personal savings from selling my apartment (approximately 50%) of the purchase of a home, but I am subject to these ridiculous rules... Would be so grateful for any help and one can offer and perhaps a stellar mortgage broker, as I have not been super impressed so far! Thanks everyone!



Comments

  • Registered Users Posts: 4,833 ✭✭✭ El Gato De Negocios


    For non standard applications you are better engaging with a mortgage broker to be honest. The rules, while a pain in the arse, are there to stop people borrowing more than they can afford to repay. Get the broker to do the leg work for you and they will be able to tell you straight off the bat whether you will be able to get a mortgage.



  • Registered Users Posts: 2,881 ✭✭✭ BailMeOut


    As El Gato said get a broker. I am self-employed and the broker was absolutely brilliant getting through all the bank BS.

    PM if you what their details as not sure you are allowed to make recommendations in these posts.



  • Registered Users Posts: 2 Tedddj2022


    Super helpful - thanks so much, BailMeOut!



  • Moderators, Society & Culture Moderators Posts: 32,260 Mod ✭✭✭✭ The_Conductor


    At 50% LTV most mortgage providers will be biting your hand off- but seriously, the advice to get a mortgage broker involved, is good advice.

    Your ace in the hole here- is the fact that you will have so much equity in the property from the get-go, this will offset most of the concerns of prospective mortgage providers- as their investment will be safe with you.



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