Here I sit, in the bewilderment of what’s happening at Forest Green.  One loss and one draw is not the best way to start the season.  I won’t be down-hearted though.  I’m sure it will come good, and in Mark Cooper I trust (for now).

Had a great day today.  I went out for a coffee with a new networking friend Orion.  Orion trains telemarketers.  These are business to business telemarketers, so none of the ambulance-chasing type, but he has a great attitude towards it and is, dare I say very good at what he does.  If you need any help in this kind of thing, let me know and I’ll put you in touch with him.  I then went for lunch with my friend, Old Pete.  Old Pete has just had a knee op, so I squashed him into my car and we went to a fantastic pub called The Volunteer Tavern, near Cabot Circus in Bristol.  What a place, and I’d have to recommend the burgers.  Plus, SIX real-ales!  And they’ll let you taste them first.

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Anything with a TARDIS door is good with me.

I asked Old Pete if he’d retired yet, and he said what he always does, “nearly”.

There’s a reason that Orion, Old Pete and I can go swanning off for coffee or beer whenever we want.  We’re self-employed.  Only problem with that is the fact that if we never work, we never make money.  Which is why I’m still working at 8.30pm tonight.  That’s the thing, we can choose when we work and who we work for.  Mind you, there’s no holiday or sick pay, so it’s not all lattes and pints.

One of the most difficult things is getting a mortgage.  One month into proper employment and there’s a good chance that a bunch of lenders would lend to you.  When you’re self-employed though, in some cases you need to have three years-worth of decent accounts to be considered.  Then there’s the proof.  Some lenders like to see your on-line tax calculations, some like the HMRC version of your SA302s, where others want your signed accounts or even a reference from your accountant.  And to add to that, try explaining to bank why there’s a difference between your nett profit and SA302 figure, that’s fun!

Have I put you off yet?

Actually this kind of confusion does put off a lot of self-employed people from buying a house, and they feel trapped in a rented property for years.

Don’t Panic!

It is possible.  Even if you only have one year’s accounts.  OK, the rate might be higher until a couple of years later when we can find another lender for you; but nonetheless there are one or two lenders out there that really try to look after the self-employed.

Whatever stage you’re at, if you’re planning to buy a home and you’re self-employed, book an appointment to see me.  We can look at your accounts and monthly budget and I’ll give you a plan to move it forward.  I might even buy you a beer!

So, some good tips from me would be:-

  • Work hard and save a decent deposit
  • Get a good accountant
  • Keep loans and credit cards to a minimum

Orion’s tip would be:-

  • Write a book (I’ll start mine just after I finish this!)

Now, time for the catchphrase.

Everybody… ”your home may be repossessed if you do not keep up repayments on your mortgage

 

 

 

 

 

 

The minefield of Self-Employed Mortgages