Being self-employed can sometimes cause problems when you want to apply for a mortgage. Writing expenses off against income is great for reducing tax liability but unfortunately when it comes to applying for a mortgage, lenders use your net profit figure when calculating mortgage affordability.
Don't despair .. if you are a tradesman paid through the CIS scheme. If you have 6 months continuous payslips with 20% tax being deducted at source by your employer, there are lenders who are prepared to accept your gross pay for calculating affordability.
Therefore adding up the total of your gross pay over the last 6 months and multiplying by 4, will give you an idea of the amount you may be able to borrow. This amount will be reduced if you already have monthly commitments such as credit cards, loans, mail order catalogue credit etc ...
Even people with credit problems in the past can still apply for competitive mortgages, provided you have 24 months CIS payslips and no credit defaults or CCJ's in the last 2 years.
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