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Author Topic: Mortgages  (Read 2398 times)

Simone

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Mortgages
« on: 20 January 2010, 09:43:29 am »
Ive already read the section on mortgages on the site but was wondering if anyone on here has experience of applying for a mortgage while working as an escort?

Basically my boyfriend and i are looking into buying a place of our own and are looking to apply for a joint mortgage. He is in full time employment and Ive been registered self employed as an 'escort' for just over a year. Therefore i only have just over a years worth of books etc.
Thing is I'm utterly cringing at the though of going to speak to a mortgage adviser and having to say I'm an escort. Would it be better to change what i am self employed as to something more neutral? also will they see me as a financial risk due to only having a years worth of books?

Any advice from anyone who has first hand experience of the whole thing would be hugely appreciated as I'm really not sure of the best way to proceed.

Anika Mae

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Re: Mortgages
« Reply #1 on: 20 January 2010, 10:37:07 am »
also will they see me as a financial risk due to only having a years worth of books?

Yes, they will. I haven't applied for a mortgage yet but last time someone at my bank (Co-Op) asked if I wanted one was since the crunch. He said they accept two years of accounts (I'd heard three). I assume the more you have the better.

Have you filed your first tax return yet? If you haven't, it might help to get an accountant to do it as apparently banks believe what they say you earned more than they'll believe you. You won't get much into it it if you only go up to last April though, but you can choose to submit your accounts for a period that isn't the same as the tax year, so maybe you could submit accounts for your actual first year of working, I'm not sure. If getting an accountant is an option you could ask to talk to someone at your bank to find out if they think it's worth it.

You're not applying on your own, so that makes a difference. Your boyfriend's salary is going to help you, and if you also have a good deposit that'll really help. Try this mortgage finder, where you can input all the important details about you and your partner and see which you're likely to be offered.

Trafford

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Re: Mortgages
« Reply #2 on: 20 January 2010, 06:04:23 pm »
Banks will want 3 years of accounts really.

Other lenders (sub primes) will be more flexible but even they are more careful to whom they lend these days as there has been a clampdown on 'self certified' lending which many blame for the current state of the housing market.

My tax return said 'escort' and it was embarresing as I'd toned it down on my mortgage application to therapist or something similar. I didn't factor in them wanting to see my actual returns as I got my mortgage with my own bank so they could see how much cash I was banking.

 

Lucymay

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Re: Mortgages
« Reply #3 on: 20 January 2010, 06:34:55 pm »
Your lucky its joint, you might get away with only having a years returns unless you are trying to borrow the maximum amount on your joint income.  Your partner will obviously been seen as the more secure half of the partnership.