Mortgage For Recently Self Employed

[alewater]

Hi,

I was wondering if you could help me.

I was employed until July 2011 and started working for a new company straight away but in my 'new job' I'm self employed.

When I started my new job I mentioned to them that I would be looking to buy a house in 2012, they said they could employ me in the future but obviously I would be taking less home and I'd need to dicuss this in the future.

So here we are in 2012 and from what I've read, to get a mortgage with 'self employeed' status I would need 3 years of trading history (which I obviously dont have)

Can any one suggest whats the best method for me to get a mortgage to buy my first house.

Thanks

Al

[ComareTheMortgageMarket]

Not all lenders require 3 years, a couple will do less than this. It may be worth talking to a mortgage adviser to see if they can help you.

[Adam Long]

Or if you cannot get a mortgage after enquiry you could always buy a property using a delayed completion or a rent to buy where you would stand an excellent chance of buying a home.

In the current financial crisis these style of property purchases are becoming more common as people are sick of renting but cannot get approval for a mortgage. They have become mainstream in the USA and Australia where over 20% of all house purchases are down this way.

If you want to know more please let me know

Good Luck !

[Kungfoojoe]

Explain your situation directley with the decision maker in the company you work for.

If they value you, (want to keep you), then they may be prepared to take you on as an employee for 3 months ish.

That way, no bank / building society is going to be asking for 3 years books.(S/E history).

You and your company have a closer 'bond'. You're likely to be more loyal since they've helped you out of a tight spot, (and they realise this.)

It doesn't guarantee a mortgage, but as, when and if you get one, you and your company can agree the future terms of your employment.Employee status or self employed.

Good luck, Joe.

[ComareTheMortgageMarket]

Which would be verging on mortgage fraud by doing that. You are either employed or self employed & doing this just for the purpose of obtaining a mortgage should not be done.