Mythbusting – Do I Need To Be Self Employed For 2 Years?

At CIS Mortgage Advice, we could get you a much bigger mortgage from your CIS income by using your average daily income before tax.

We’d like to dispel for you many of the myths we often hear about getting a mortgage for CIS subcontractors, and there are loads to go through.

So launching straight in – Myth number 1.

Do you need to be self-employed for 2 years?

Absolutely not. In fact, most of the subbys we’ve helped to buy their dream home has been self-employed for less than 2 years, and in many cases less than one year.

This is because the mortgage lenders we regularly use do not care how long you have been self-employed for as they do not normally ask to see your end of year tax calculations. The amount you can borrow is based on your average and annualised gross income over 3, 6 or 12 months depending on the lender – so you can be as tax efficient as you like and still look forward to you CIS tax rebate as it won’t affect your mortgage. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE