easier to get a mortgage if employee?

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h20

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I run my own business and have several different clients (in public and private sector), some of whom guarantee me a regular monthly income and others which do not.

I am interested in buying a first property, not necessarily in Ireland though, and was wondering how easy it is to get a mortgage from a financial institution in Ireland when one is not a salaried employee.

I was considering working as an employee for 3-6 months, which would guarantee me an excellent (perhaps 500 euro more than what I currently earn) and regular salary in order to get a higher mortgage loan and then going back to running my business again.

However, I would lose some of my clients if I did so, but I'd also be able to keep some of them (whose work I can do at nights or weekends). Is it a definite advantage having an employee status for getting a mortgage? (Although my parents would be willing to sign a guarantee, I'd prefer to be independent on this one)

Obviously, I want to get the best deal. I'm looking to buy an apartment that is about 50-70m2, as I said not necessarily in Ireland, although I plan to get my mortgage from an Irish financial institution.

I'm kind of weighing up the pros and cons, and would like to hear from any bank/mortgage professionals out there (please feel free to pm me if you wish) what the best option would be, or indeed anyone who has found themselves in a similar situation.

Thank you for any helpful advice.

PS. I'm single and have no kids.
 
if you have audited accounts showing income, then that shoudl be taken into account. if you have no accounts, then you (a) should have and (b)might have more problems than not getting mortgage.
 
Ravima said:
if you have audited accounts showing income, then that shoudl be taken into account. if you have no accounts, then you (a) should have and (b)might have more problems than not getting mortgage.
Click to expand...


What do you mean by "audited accounts"?
 
With a sub-prime lender, you can self certify your income and only need to show regular lodgements to your bank account
 
True, but most clients switch back to prime after 12 months without incurring fees. Start's best rate is now 5.35%, which is not bad at all.
 
Do sub-prime lenders offer mortgages for overseas (investment) properties?

What is the LTV to qualify for 5.35%?

Are there any other conditions attached?

Do you offer products from Start Mortages?
 
No, Unfortunatly, they do not offer lending for overseas.

90% LTV

None, other than having a clean credit history.

Yes and No. I work in a brokers. So I do, but don't have any preference for Start or anything, in case you think I'm trying to plug them.

Ta
 
To get back to your original question.....

It is usually easier for an employee to get a Mortgage than somebody starting a business from scratch..

If you are in business, you'll need to prepare accounts and having them audited confirms their accuracy for the Finance Houses..

Don't change your status to get a Mortgage....keep focused on what you want to do and the money will follow....

If you do become an employee, keep details of the nixers you are doing through showing a record of lodgements...which of course must be be returned for Tax purposes..

Isn't it just hell having to grow up!!!

Best of Luck!
 
h20 said:
What do you mean by "audited accounts"?
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You need "certified accounts" not "audited accounts". i.e. You need to have your annual accounts prepared by an accountant and get him to fill in the banks form, certifying income.
 
But considering, there are no penalties for getting out of Start, most clients will switch after 12 months
 
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