Newly self-employed, only profitable recently - will I get a mortgage?

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cousin_borat

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Hi there,

Wondering what people would advise re possibility of a mortgage. I'm 37, married (wife at home), new baby and currently self employed and director/shareholder of a small software development company which after 3 years of losses is making a profit this year. I have no personal debts such as o/d, ccards, etc.

From this month I'm in a position to pay myself a regular salary. Up to this point have paid myself on a "comission" basis as deals have come into the company.

I'm considering taking a bonus of up to about €40k based on comission for recent deals closed in the UK to put towards house fund. Combined with my wifes redundancy money of €25k. Also have access to another €60k from a family member. Properties in Baldoyle where we're hoping to settle are between €300-360k.

Is there any way of leveraging above to obtain a mortgage or will I need to start paying myself a few months salary and then go to mortgage lenders? Alternatively I may have to wait until we sell a larger stage/all of the company but that is at least 2 years away and anything could happen in the meantime.

I have some connections in Investec but I wanted to see if anyone had any other suggestions. I'm simply assuming that high street banks/underwriters won't take a look at this.

Thanks for taking the time to read and would love to hear from others who've had similar experience.
 
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Ulster Bank look for 2 years accounts plus one year business statements.

Aib/BOI/Permanet TSB look for 3 years accounts.

Pepper might look for less but either way at the very minimum you will need one years accounts.

All banks like to see at least 6 months personal bank statements showing savings each month.
 
I'll close this one to avoid duplication and you can follow up in the other thread.
 
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