Self Employed - best lender for mortgage?

O

outspann

Registered User
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Hi,

My girlfriend and I are having some difficulty in getting for a mortgage. We are looking for a loan in the region of €300k. I already have a house and mortgage with First Active for the last two years, which I'd be happy (if needed) to sell to help finance the new purchase. As well as the €100k profit from this sale, we'd have another €110k in cash that we could put towards a deposit.

The problem is that we are both self-employed without a long enough track record to satisfy FA (just over a year). I work on six month contracts while my girlfriend is more freelance. We're pretty well paid ( I would have thought) totalling €130k per annum, but that seems to count for little. We both left permanent jobs to go contracting as the wages couldn't compare.

When I went to First Active, assuming my mortgage history would have carried some weight, their answer seemed to be a polite "go away". Should I go back to them and start begging, or is there any other lender that might look on our situation in a more favorable light?

Any help is greatfully appreciated!
 
If you are looking for under 70%/75% of the property value then both Bank of Scotland and PTSB will work with accountant's certificates rather than full accounts. Given the circumstances you've outlined a good broker should be able to place your application successfully (even with First Active!).

Sarah

www.rea.ie
 
My partner is self-employed. ICS did not even want to see the books or account certificates, unlike PTSB, Ulster Bank and others. ICS does maybe not really have attractive rates, but worked out the same as PTSB.
 
That's interesting. What did they go on if they didn't use accounts/certs? Was it a case of looking at his bank a/c and looking for regular payments/drawings and using these?
 
Just a selfmade payslip and P60...... And 3 months bank account, with weekly lodgements, but would have been a lower amount than on the payslip.

We had 150 k savings though, that might have helped. I myself was, and still am, in my probation period, a reason that some banks did not want to look at us, though the reason from BoS was more that my partner is self-employed.. Anyway, for ICS both did not matter, reason that we went with them as it was less paperwork for us and my partner's accountant.
And we can always switch in the future.
 
Mynydd said:
Just a selfmade payslip and P60...... And 3 months bank account, with weekly lodgements, but would have been a lower amount than on the payslip....
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Sorry, and excuse me if I'm overstepping the mark here, but are you telling me he doctored a payslip to show higher amounts than he was actually paying himself? I'm sorry, I'm a bit confused by what you're saying here.
 
Myself and my partner are both self employed and we used Rea Mortgages to broker our mortgage. I had only just become self employed but they found three lenders willing to give us more than the amount we needed.

As they return their commission to you, you are tied to them for three years (you can't switch your mortgage without going through them). But they recently came to us with new Ulster Bank rates. We were happy with the service provided.
 
You are in the very same situation as myself and my boyfriend, we are both self employed but contracted and have an existing mortgage with FActive. We have just put a deposit on a new house and we went to all FA and AIB by ourselves but they just said NO full stop. We went to a broker and explained the situation and the broker got us offers from two different banks..IIB and PTSB. Maybe you should try a broker?
 
ButtermilkJa said:
Sorry, and excuse me if I'm overstepping the mark here, but are you telling me he doctored a payslip to show higher amounts than he was actually paying himself? I'm sorry, I'm a bit confused by what you're saying here.
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Yes, he did. The broker knew it, it is no rocketscience. However, keep in mind that he can earn that money if he wants. He just chooses at the moment to give his brother more wages as they need it at the moment. Otherwise it would be totally unresponsible.
 
Mynydd said:
Yes, he did. The broker knew it, it is no rocketscience. However, keep in mind that he can earn that money if he wants. He just chooses at the moment to give his brother more wages as they need it at the moment. Otherwise it would be totally unresponsible.
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Ah, ok I understand. So his 'company' is actually earning the stated amounts, so he can take much higher drawings if he wishes, and that is what is on record. I thought it was a different situation, sorry! Fair play to you so, best of luck with the house :)
 
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