Looking for a mortgage-Self Employed

mel123

A family member is looking for a mortgage. After coming back from the states he has started up his own company, which is doing quite well. He puts his money thru the books but i am sure there is some he doesnt. He is self employed for about 6/7 months. He would have enough money for a deposit even tho i know they now give 100% mortgages. He is single. He has already been turned down by one bank. I know his situation would be high risk he is young and self employed. Is there anyone that will touch him? He has been told that he would have to be self employed for prob about 2 years to be considered. Has anyone been in a similiar situation? Im not even in my house a year so i dont think i can be of any help to him offering my property. Thanks in advance:)

Victor

He needs more of a record than that.

Has he shown them accounts, etc. from the time he was in the USA?

JimmySmith

tell him to go to a broker like www.rea.ie
They will know who to apply to and he wont have to go through filling out a seperate form for each application.
Its a little different when you are slef wmployed but go this route and you'll get your mortgage no problem

turbot

Another good broker is:

Guardian Financial Services

http://www.gfa.ie/

Ask to speak with Jack. He's one of the best around.

Greenhorse

What about this as an Option.

Put an advert out. Say you are looking for partner to purchase a house. They buy it as an investment property with your deposit. Get your solicitor and theirs to put a binding contract in place that you have the right to buy if off them for today’s value in 2 years time so long as you pay the mortgage each month plus and extra e200.

Eg: house worth $250,000 Investor buys the property under condition that you are to reside there and pay all costs associated with the house.

So say it increases by 8% pa by then. House will be worth $290,000.

Value today is $250,000. IN 2 years you buy the house for $250,000 and the banks will love you as you will have 2 and half years of accounts plus a very happy landlord who will give a healthy reference to ensure you get the mortgage.

Everyone is happy. You have a $290k house with mortgage of $250. Investor has a good return and trouble free tenant and no capital gains as sold it for same as purchased, and the bank is covering a mortgage of less than 90%.


Rgds,

Niall

mel123

Thanks Greenhorse, ill mention that option to him.

Victor, he hasnt really got any records for when he was in USA, kinda arsing around working, spending, travelling u know....

gamer

If he was here for 12 months,trading he could get an acountant to do his accounts for the last 12months,show his accounts to bank,they need to KNOW that he can afford mortgage ,350k whatever.hes best to go to rea mortage brokers, they are well used to dealing with self employed clients.HE should be saving in a bank every week ,to build up record of reliability , at least 250euro per week or whatever he can afford.He can get some1 of good financial standing to go as a gaurantor on the mortgage.he should join local credit union, he may need to borrow 10percent, for a deposit/legal fees etc, most people get 90percent mortgage.

tirl

My husband is self employed this is what we did as banks wont touch self empl;oyed get your friends company to employ him as a PAYE worker and apply to Bank of Scotland