Self-employed mortgage
Burner account here as I’m a bit embarrassed at my situation.
Myself and my partner (mid 30s) are finding it difficult to get mortgage approval and it’s feeling like we will never get approval and holding us back in life. Both lucky to be living in my parents and saving €3k per month. We’re probably cutting it a little cut on savings amount but trying to maximise the deposit amount while we can.
The issue is I’m self employed and my partner works for my company. My partner has no issue in getting approval as a PAYE worker. Last year in the business we lost €40k but that was due to a large one off expense and also we outgrew our demand meaning we were sold out of our product for 6 weeks. We went to a broker initially last year who didn’t deny us but said to talk to them again next year. We then went directly to EBS from a friends recommendation. The guy we were dealing with was absolutely amazing and went above and beyond in helping us try different options but due to small loan amounts (€13k) in the business it’s somehow working out that we would get less than my partner going on their own. The loans are not personally guaranteed. We have never missed a loan payment and in over 2 years since we started paying myself and my partner a salary we have never not paid ourselves.
We were passed on to another broker who is currently assessing us but he said it wasn’t looking promising. The business is going really really well and growing beyond our wildest dreams. Business is on track to make a profit this year and had done so the previous 2 years.
We just feel stuck and really unsure what we can do from here and bracing ourselves for the broker to say more of the same.
Has anyone any advice or been in a similar situation or any workarounds. We’ve been looking at my partner taking the mortgage and seeing if I can get a long term large loan but I’m guessing banks won’t look at underwriting a property loan unless it’s done via a mortgage?
We’re half looking at renting and keeping our deposit to hand or in investments but since we moved back home we’re priced out of renting in Dublin. We are earning too much to apply for Tuath.
The other option was putting all the wages, savings etc into my partner’s name and reapplying but it feels shady in doing that.