| Páginas sobre el tema: < [1 2] | Difficulty of getting mortgages for freelancers Autor de la hebra: LucyPatterso (X)
|
|---|
| x years' records... | May 6, 2008 |
Charlie Bavington wrote:
AFAIK, lenders don't actually see the accounts. In fact, I'm not sure they are actually allowed to see too much info - othewise they would just ask HMRC for your last 3 tax returns and that would establish the situation beyond doubt....
I think every case is slightly different and every financial institution will have different requirements; I have a mortgage back in the US (and have refinanced a few times already ) and I know that they can (and do) ask you to sign a document that allows them to request your tax returns from the IRS(!).
So I would not count on "they don't really need to see xyz records". After the sub-prime debacle in the US, *anything* could happen. Better to be prepared.
If you're deadset on buying this year, you can always talk to a few real estate agents/lenders and see what they have to say. But it sounds like people who have their eye on the market think that there may be a UK-bubble ready to burst (or at least leak), so I would pay attention to the news and hold back for now.
| | | | | Broker rather than bank/building society | May 6, 2008 |
Sonia Atkinson wrote:
The bank said I could only be considered for a mortgage once I had been self-employed for at least 3 years, with accountant's records to prove it.
[Edited at 2008-05-06 07:12]
If your situation is slightly unusual, i.e. not being an employee with a PAYE record, it's probably better to use a broker rather than going straight to the bank/building society.
Then again, I don't think this is a very good time to buy in the UK.
| | | | Joan Berglund 
Estados Unidos
Local time: 18:42
Miembro 2008
francés al inglés
| careful records, everything in writing | May 7, 2008 |
It probably is better to wait. In the mean time, keep careful records of your own, put every point in your favor in writing and be prepared to back up every statement - check stubs of oursourcer payments, landlord references, etc. Advice I have read on the subject states "if it ain't in writing, it didn't happen". So while you are waiting, be scrupulous about your records.
| | | | | Average UK house prices are currently sliding by £500 a week, can you afford that? | May 7, 2008 |
Don't!
***********************
Sven Petersson
Medical translator
Website: www.svenp.com
***********************
| | |
|
|
|
juvera
Local time: 23:42
inglés al húngaro
+ ...
| Waiting and timing | May 10, 2008 |
Property prices are falling, and mortgage lenders are generally very cautious. There are more repossessions as well. The forecast is for property prices to fall further, therefore a bit of waiting would be advantageous.
However, nothing stops you to enquire at the banks, building societies and mortgage brokers, what their particular requirements would be towards you. That would help to decide how long you should wait.
BTW, single women are at an advantage, because some... See more Property prices are falling, and mortgage lenders are generally very cautious. There are more repossessions as well. The forecast is for property prices to fall further, therefore a bit of waiting would be advantageous.
However, nothing stops you to enquire at the banks, building societies and mortgage brokers, what their particular requirements would be towards you. That would help to decide how long you should wait.
BTW, single women are at an advantage, because some mortgage lenders seem to think that young married women want to start a family rather than carry on working, while single ones have to work. (This presumptuous practice exists!) That could be the reason behind taking into account the husband's wages only, and not necessarily the "freelance" status.
You should also look around, and see how prices are shaping up (down at the moment and talk to some estate agents as well. You will need to look around and compare properties, outgoings, get familiar with what the market offers in your area and price range.
There is another aspect of buying property: in the UK, traditionally the best time to buy is from about the end of November until February, because people who wanted to move in the autumn and couldn't sell are dropping their prices, and there are fewer buyers around, particularly during the weeks before Christmas.
Do your homework in advance, keep saving and be prepared to act when the time is right. ▲ Collapse
| | | | | About shopping around | May 11, 2008 |
I live in Canada, but nevertheless, here's what I've observed.
Shopping around is sound advice. Some banks wouldn't touch me with a 39.5-foot pole. Some, however, were interested, provided I can prove to them that the revenue I declare is likely to keep streaming in. That is tricky.
Funny as it may sound, it wasn't my income tax declaration, my credit record, my bank account or references that eventually got me a mortgage - it was my ProZ profile! That was the only unbi... See more I live in Canada, but nevertheless, here's what I've observed.
Shopping around is sound advice. Some banks wouldn't touch me with a 39.5-foot pole. Some, however, were interested, provided I can prove to them that the revenue I declare is likely to keep streaming in. That is tricky.
Funny as it may sound, it wasn't my income tax declaration, my credit record, my bank account or references that eventually got me a mortgage - it was my ProZ profile! That was the only unbiased, reasonably trustable "employment record" the bank found to be satisfactory. What they needed to know was not how much money I make but whether that revenue is likely to keep coming - and my BlueBoard comments, the replies to them and the general activity appearing in my profile (KudoZ dating back six years, etc.) convinced them. They originally asked for a website, and I directed them to my ProZ profile since I don't have a website.
Having a registered business also helps. Not only do you get employee status and are therefore more trustworthy when it comes to loans, but you are actually a business owner in this case, so you score some points there. Of course, registering a business only after you started shopping for a loan may not have any effect.
Banks in the UK might have different procedures, but I've learnt from my experiences that what matters in most cases to banks is the sustainability of your revenue - and the ability to prove it. ▲ Collapse
| | | | | Páginas sobre el tema: < [1 2] | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Difficulty of getting mortgages for freelancers | TM-Town | Manage your TMs and Terms ... and boost your translation business
Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.
More info » |
| | CafeTran Espresso | You've never met a CAT tool this clever!
Translate faster & easier, using a sophisticated CAT tool built by a translator / developer.
Accept jobs from clients who use Trados, MemoQ, Wordfast & major CAT tools.
Download and start using CafeTran Espresso -- for free
Buy now! » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |
Login to reply/comment 
Translation news
