Guest kelv&haley

mortgages and self employment advise please

    Recommended Posts

    Guest kelv&haley

    my brain is spinning with too many question so im hoping someone out there can answer at least part of my question(s).......thanks

    been here 7 months hubby been employed continuously since,we have the 10 % deposit needed plus fees to buy but here's the tricky bit,and im not sure of any answers............

    1.when i put in our household income into the mrtgage calculators(just the ones that pop up as advertising and on real estate.com) the borrowing capabilities are soooo low,but many friends with similar incomes,same number of kids have all had 'no worries' in getting a mortgages,why????whats the secret???

    2.is there a common calculation to obtain borrowing figures ie x amount times annual income???

    3.although hubby is employed right now,he may be changing to self employed ,what implication will this have if we dont buy property before he goes self employed???? ive heard 2 years tax returns???but say for example hes been working solidly employed for 1 year,we find a house 2 or 2 months after he goes self employed is it 2 years tax records from that point???? basicly his employed job isnt gonna last forever and in his trade most jobs are on abn,we dont think we can buy quickly enough to do it before he goes self employed,so will we have to wait 2 years from this date.

    sorry if that was confusing,hope you understand what im asking,and thanks in advance to anyone who can offer some input,haley xx:confused:

    Share this post


    Link to post
    Share on other sites
    Guest ade&emma

    Try giving Andy Williams a PM. He sorted out our morgage and really knows his stuff. Makes it all a lot less confusing.

    Share this post


    Link to post
    Share on other sites

    I agree we have asked Andy many questions and he is very helpful and puts it into plan english.

     

    Good luck

    Michelle

    Share this post


    Link to post
    Share on other sites
    Guest Damien

    I'm self employed, the financial advisor said he would need 12 monhs accounts to give me a mortgage.

     

    Damo

    Share this post


    Link to post
    Share on other sites
    Guest back clan

    My OH has just gone self employed and we have been told 12 months accounts

    Share this post


    Link to post
    Share on other sites

    i was told 1 year by some advisers/banks and 2 years by others. thought there was no hope but spoke andrew williams and our house is nearly built. I do have 2 employed partime jobs just for the mortgage at the min but my last tax years 10 months takings i think got taken into account too.

     

    i'd try and get a mortgage whilst you have employed work befrore the costs go up and up, as long as all the payments are made i wouldnt see a problem after that what he does in 1/6/12 months time?? it would be in the same trade most likely??

     

    good luck

     

    (if im wrong please advise )

    Share this post


    Link to post
    Share on other sites
    my brain is spinning with too many question so im hoping someone out there can answer at least part of my question(s).......thanks

    been here 7 months hubby been employed continuously since,we have the 10 % deposit needed plus fees to buy but here's the tricky bit,and im not sure of any answers............

    1.when i put in our household income into the mrtgage calculators(just the ones that pop up as advertising and on real estate.com) the borrowing capabilities are soooo low,but many friends with similar incomes,same number of kids have all had 'no worries' in getting a mortgages,why????whats the secret???

     

    It would also depend on what interest rates were when your friends took out their mortgages, due to the way borrowing capacity is calcualted here when interest rates rise borrowing power reduces. Every Bank have a different method and this means that the ranges vary greatly between lenders, Commonwealth this time last year were very generous now they are one of the lowest.

     

     

    2.is there a common calculation to obtain borrowing figures ie x amount times annual income???

     

    No, as stated ranges can be vast.

    3.although hubby is employed right now,he may be changing to self employed ,what implication will this have if we dont buy property before he goes self employed???? ive heard 2 years tax returns???but say for example hes been working solidly employed for 1 year,we find a house 2 or 2 months after he goes self employed is it 2 years tax records from that point???? basicly his employed job isnt gonna last forever and in his trade most jobs are on abn,we dont think we can buy quickly enough to do it before he goes self employed,so will we have to wait 2 years from this date.

     

    It will depend on circumstances, in general it is 2 years required but there can be ways to work around this sometimes.

    sorry if that was confusing,hope you understand what im asking,and thanks in advance to anyone who can offer some input,haley xx:confused:

     

     

     

    Hi kelv&hayley

     

    I have attempted to answer some of your questions above in red, feel free to contact me if you would like to ask anything further.

     

     

    Regards

     

     

    Andy

    Share this post


    Link to post
    Share on other sites
    Guest smit

    in my experience its easier to get mortgages whilst employed.........they like guaranteed income. Since Ive been here ive gone self to employed and back to self. and recently asked how much i could borrow to bid on a house at auction. Bizarelly (sp) she had to work out on my old employed tax return even tough i earn about 30% more now being self employed. speak to a cou[le of financial advisers.

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now