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Net profits for self employed

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magicno1

Gas Engineer
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
 
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.
 
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.
 
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 .
 
Crazy thing is that I would probably be paying the same or less than what I’ve done for the last 12 years and nothings changed! Barmy
 

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