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Renting a property as a self employed windy

RichieRich

Member
Messages
70
Location
Felixstowe
Just wondering how many of you have gone through the rental process as a S/E windy.

Within a couple months my round will be big enough to afford a bigger property with a drive and garage etc which is ideal as we need more space.

We have rented about 5 properties before and all have been perfect but I was always in normal employment. Mrs is at home with baby and kids. Both our credit histories are good.

As I've only been going for a few months ill have no tax return yet or accountant letters so how would I go a

about renting a property as I have no guarantor?

Appreciate the help /emoticons/smile.png

 
As Clisty said....doable but nightmare. I did it about 9 years ago but had to pay 6 months rent up front plus 1 month deposit !!!!

I would sound out the letting agents and put them in the picture.

 
Daft really, realistically window cleaning is the safest business out there as you can't lose all your customers overnight. There's a constant stream of them if you need them. A normal job you can get sacked from and instantly you're without any income.

Might have to save up 6 month's rent judging by my research :mad:

 
I don't think we woould get one in our current circumstances.

I privately rent a 3 bed semi with drive etc but we got it a couple of years ago when me and my gf were both full time employed. Now I'm self employed and she's part time. Not shown much profit either this tax year so pretty sure I wouldn't be able to get another now.

Its a nightmare is property. I really want a mortgage and can easily affordable one but not according to the bank in can't as I don't earn enough. I was told by my bank I would have to skint myself for a few years and not put any expenses thru the books to maximise my income on paper. She didn't spell it out but made it clear I would have to "inflate" my profits somehow. That's the problem starting out a lot of my earnings go straight back into the business so it looks on paper like I earn ery little

 
I was very lucky in that when sadly my mum died a couple of years back she left me half her house. My sister bought me out, and due to the fact that house prices here are a hell if a lot cheaper here I managed to buy my house, 3 bed mid terrace ex council house outright so no mortgage. Looked at getting a small mortgage/secured loan to invest in a van and van mount and no where would accept me, even the poor credit ones, solely due to the fact I'm self employed as I have no guaranteed earnings.

 
I have never had a problem being self employed and getting credit/finance/mortgage

Many years ago I did rent and I just put everything in my wife's name even getting the agent to do just one credit check so this could be an option for you.

When applying for any form of credit it is really important to have your business finances all in order so many forget that it's marked on profit not turnover.it's no good turning over £40-£50k with £35k expenses.

It's also not good to run very little through your accounts just to avoid tax because again you will look like a low earner and no one will touch you.

Obviously if it's a new business your profit can be out of your hands and while you reinvest your profits back in you sometimes just have to wait.

 

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