M
Maevem
Guest
Hi all,
I know the topic of self-employed people applying for mortgages comes up again and again but there is one question I haven't really seen answered. I'm freelance (I provide translation services) and have a very straightforward business, so my accountant just puts a simple income/expenditure statement together for the Revenue. He believes that a similar format should be enough for mortgage application purposes. However, one broker has told me banks would require "full accounts" (profit and loss statement, balance sheet etc). My business really isn't complicated enough for me to need a balance sheet under normal circumstances.
Does anyone have any idea whether "full accounts" are really needed or whether an income statement would suffice?
Would be very very grateful for any input as if we have to do "full accounts" it will delay the whole process considerably. But obviously I want to make the best possible impression on lenders.
Thanks!
Maeve
I know the topic of self-employed people applying for mortgages comes up again and again but there is one question I haven't really seen answered. I'm freelance (I provide translation services) and have a very straightforward business, so my accountant just puts a simple income/expenditure statement together for the Revenue. He believes that a similar format should be enough for mortgage application purposes. However, one broker has told me banks would require "full accounts" (profit and loss statement, balance sheet etc). My business really isn't complicated enough for me to need a balance sheet under normal circumstances.
Does anyone have any idea whether "full accounts" are really needed or whether an income statement would suffice?
Would be very very grateful for any input as if we have to do "full accounts" it will delay the whole process considerably. But obviously I want to make the best possible impression on lenders.
Thanks!
Maeve