Net profits for self employed

magicno1 · Mar 31, 2018

Hi guys

A rather personal post so apologies if I offend anybody.
I’m looking to re mortgage and was wondering roughly what the self employed gas engineers here net profits are not gross.
As a self employed fitter it’s harder now to get a mortgage and we need to show higher net profits to get the amount which of course means higher taxes!
If any of you would like to share your thoughts and I understand if you don’t I would really appreciate it.
Sorry if I’ve posted in the wrong forum!
Regards
Chris

Gary80gas · Apr 2, 2018

Most mortgage providers will want to see 25k+ on your tax return 1 or 2 years minimum, some will only want to see your working and earning, try a mortgage broker and see whats on offer.

townfanjon · Apr 2, 2018

I am not telling you something you dont know , but if you want to borrow a substantial some of money , you have to prove you can pay it back .
If you are mortgage hunting they are not bothered between net and gross its just what you can pay back . After the last crash the lenders tightened up no end , my sister works in a bank and arranges mortgages and you wouldn’t believe what they take into consideration.

magicno1 · Apr 2, 2018

Thanks chaps.
Seems there are so many hoops to jump through now so trying to get it right before we try to apply!

townfanjon · Apr 2, 2018

magicno1 said:
Thanks chaps.
Seems there are so many hoops to jump through now so trying to get it right before we try to apply!

Maybe a couple of years declaring everything.
A customer of mine over the road ( independent mortgage advisor ) put his house on the market a couple of years ago, found a buyer ( newly qualified doctor ) and couldn’t get him a mortgage. Pfftttttttt eh .