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Document help please!

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  • Document help please!

    Hi there,

    I wonder if someone would be kind enough to help me with a fairly basic and naiive question please? I am self-employed as part of an LLP Partnership and as such take drawings from the buisness and if applicable, a share of any profits.

    I got my current mortgage whilst under PAYE so it was straight forward enough to prove my income but now I don't know what I will need? I pay all my tax through self-assessment but don't have accounts as I am not a sole trader or limited company. Can some please advise me as to what best to do please? Will I need to be self-employed for a set period of time before a bank or building society will even consider my situation?

    Thanks in advance
    Nick

  • #2
    Re: Document help please!

    is it related to your current mortgage or are you buying another property? that could make a difference as renewing your mortgage wouldn't neccesarily have the same requirements as a purchase or remortgage.

    A lot of banks require 2 years accounts or tax returns to evidence income and thus affordability to service the mortgage. However, If you have been in the same industry for a number of years then there may be leeway here e.g you were under paye, if this was in the same field then some lenders (I know natwest consider this) will consider your income from this and your accounts from self employed if going into the same field s/emp.
    View Mortgage FAQ's, including Lifetime Mortgages FAQ.

    www.releaseequitymortgage.com

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    • #3
      Re: Document help please!

      Thanks Matthew, appreciate your insight.

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