Getting a mortgage as a self employed domestic electrician.

claydon1 · Mar 5, 2016

Hi people,

Firstly, I hope this isn't a duplicate topic but I did have look through previous post and could find what I was after.

I'm looking to change careers from being an administrator in the motor trade (boring) to becoming a self employed domestic electrician (well eventually).

What I'm concerned/unsure on is how hard am I going to find it to get a mortgage as a self employed electrician, my wife is in a secure 9-5 career as a civil servant so there's financial stability there to help us but am I likely to need 1, 2, 3 years of solid accounts behind me to even be considered or is it easier than you think?

I'm sure there must be someone out there that has been in a similar position before so would love some first hand experience advice.

Thanks in advance.

Andy78 · Mar 5, 2016

Yes any mortgage provider will need to see 3 years of financial records that reflect stability and good income.

You may be working for a couple of years before you start to make any actual money after becoming self employed

It will take you a good few years to train and gain enough experience to become a qualified electrician capable of independent work and running a business.

Bearing all this in mind my advice would be, get a mortgage whilst still employed and do not overstretch yourself if you are planning on re training, factoring in the costs of your qualifications, outlay for starting a business, and potential lack of earnings at the start of self employment.
6 months to a years mortgage payments held in reserve after all these outlays would be wise to have.