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Would they give me a mortgage?

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  • 05-04-2009 2:21pm
    #1
    cojomo2
    Registered Users Posts: 3,216 ✭✭✭


    me and my girlfriend are self employed. we are paying ourselves a mnimal wage of about 20 grand a year each. the company is about 5 yrs old but a year ago we registered a new business name and went a totally different direction(retail). Its not doing bad at all, it just the fact we signed our lease at the height of the markey in early '08 we are now paying double what other comparable places are now going for. The landlords are a big institution and refuse to give a rent reduction.

    anyway if we were to look for a mortgage it would be for about 260,000 over 35 yrs. i think repayments would be about 950/month, we are currently paying rent (home) at 1200 /month so can afford that mortgage.

    but considering were self employed and have a very basic salary, would we just be laughed at?


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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    cojomo2 wrote: »
    me and my girlfriend are self employed. we are paying ourselves a mnimal wage of about 20 grand a year each. the company is about 5 yrs old but a year ago we registered a new business name and went a totally different direction(retail). Its not doing bad at all, it just the fact we signed our lease at the height of the markey in early '08 we are now paying double what other comparable places are now going for. The landlords are a big institution and refuse to give a rent reduction.

    anyway if we were to look for a mortgage it would be for about 260,000 over 35 yrs. i think repayments would be about 950/month, we are currently paying rent (home) at 1200 /month so can afford that mortgage.

    but considering were self employed and have a very basic salary, would we just be laughed at?

    First of all, being a self employed trader and being a director of a company you jointly own are different. If you own the company, the company will pay you a salary & can have a market valuation. If you can provide 3 years of accounts for your business and provide details of future earnings (vouched by an independent accountant), the banks should give you a loan, provided of course they don't see your area of retail sales falling off a cliff.


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    #3
    Emerald Lass
    Closed Accounts Posts: 439 ✭✭Emerald Lass


    also your regular rent payments should stand to you


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