Mortgages and self employed
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Category: General Chat
Forum Name: General Chat
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Topic: Mortgages and self employed
Posted By: jano1
Subject: Mortgages and self employed
Date Posted: 19 March 2011 at 9:03am
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DP and I are looking to buy our first home. I currently work 3 days a week and he is self employed, working in excess of 50 hours a week.
We approached a bank who took one look at his financials and said they would base our lending on my income. He earns decent money but as a self employed person his equity is low due to business related expenses. We have worked out how much we can afford to borrow but I get the feeling a lot of banks don't take self employed people seriously. Has anyone had any luck with a bank/mortgage broker in this type of situation. the amount of money they would lend us based on my income wasn't enought o buy a shed in Auckland. We have a good deposit but I don't think we are being taken seriously 
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Replies:
Posted By: newme
Date Posted: 19 March 2011 at 9:45am
| National Bank are meant to be very good with self employed people. |
Posted By: jano1
Date Posted: 19 March 2011 at 9:57am
| Thanks we haven't tried them but I know someone who works there so will ask around. |
Posted By: MummyFreckle
Date Posted: 19 March 2011 at 11:56am
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We have been self employed for over 12 years now and havent had a problem borrowing from ASB or National. With mortgages they normally require a higher deposit and proof of earnings for a longer period to show that you can sustain a mortgage on your self employed income. Mortgage brokers are very handy in these situations though and I would suggest contacting them. We havent used them but I have heard good things about Mike Pero Mortgages. Good Luck - its not easy, be prepared to jump through some hoops and provide lots and lots of paperwork (evidence of earnings etc).
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Posted By: chickadeedoo
Date Posted: 19 March 2011 at 12:01pm
| have you tried ASB - we found they were much better than National Bank with self employed / home businesses. |
Posted By: AbzandH
Date Posted: 19 March 2011 at 2:35pm
| Check out a mortgage broker, they can usually look at every possible option for you, instead of hunting around yourself (such a tedious task). And good luck!! Househunting/buying is very stressfull but worth it all in the end! |
Posted By: AbzandH
Date Posted: 19 March 2011 at 2:36pm
| Also a broker is free, as they get paid by the company you end up taking out a mortgage with. |
Posted By: AandCsmum
Date Posted: 19 March 2011 at 5:14pm
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Ditto to ASB, when we refinanced our mortgage all they wanted to see was his financials, we got approved for what we wanted.
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Posted By: jano1
Date Posted: 19 March 2011 at 5:19pm
| Thanks for all the info- good to know which banks are more open to people that don't work for others. I have contacted a mortgage broker and am waiting to hear what they say. |